Kraken Robotics Inc. (TSX-V: PNG, OTCQB: KRKNF), is pleased to
provide an update on its SeaVision® 3D underwater laser scanning
technology and related service activities. Kraken’s SeaVision
inspection technology is primarily used in assisting the offshore
energy sector to acquire higher quality subsea asset integrity
information, more quickly at a lower cost than competing solutions.
This enables offshore energy operators to make timely, informed
decisions regarding asset integrity. Specific examples include
providing critical measurements to help clients avoid unscheduled
interruption of production and enabling reverse engineering of
damaged subsea equipment to enable repairs in-place. During several
recent offshore deployments, Kraken’s SeaVision technology has
shown clients that as-built 3D dimensions of installed subsea
structures differ from their existing documentation, especially
when servicing aging assets.
Kraken’s SeaVision business unit continues to make
progress across a variety of fronts including:
1) In 2022, Kraken acquired
over 10 terabytes of subsea data for offshore oil and gas and
renewable energy customers across several countries including
Brazil, Canada, Denmark, Estonia, Germany, Nigeria, Norway, and
Poland. Applications included anode volumetric measurements
for offshore wind farms, mooring chain inspection for offshore oil
and gas infrastructure, and subsea metrology services. In 2022,
SeaVision services have delivered over one hundred (>100) 3D
models and metrology for offshore wind and oil & gas clients.
Kraken’s SeaVision technology is expected to become part of several
clients' yearly asset integrity campaign.2) Kraken
is continuing the commercialization of a unique, non-contact
SeaVision® Mooring Chain Inspection Tool (MCIT). This tool can be
used to support existing offshore oil and gas inspection
requirements, as well as upcoming offshore wind inspection
requirements by providing millimetric accuracy 3D digital twins of
critical subsea infrastructure. The SeaVision MCIT will also
significantly reduce the cost of mooring chain inspections, as
Kraken has also developed extensive data analytics capabilities to
process mooring chain data efficiently into corrosion and
dimensional measurements requirements for mooring integrity
analysis.3) In 2023, Kraken’s SeaVision technology
will be certified for DNV class inspections as well as
accreditation of performance as per ISO standards. Delivering
an accredited measurement according to international standards is
important to clients that rely on SeaVision measurements to make
critical decisions regarding asset integrity, life extension, and
repairs.4) In 2022, Kraken developed automated
calibration, measurement and report generation tools as well as a
real-time workflow based on deep learning which enables automatic
structural tracking and measurement of mooring chains. These tools
have reduced the turn-around of models and measurements by a factor
of ten times.5) Customer satisfaction continues to
be a high priority for all Kraken service deliveries, including the
SeaVision team. Commenting on Kraken’s SeaVision laser scanning
services, the Client Rep for an major international energy company
said, “We received outstanding service and support from Kraken
throughout our engagement, with pre-engineering and offshore
services delivered. Kraken delivered a highly innovative solution,
in a challenging time frame whilst delivering excellent customer
support throughout our project.”
Figure 1: 3D Volumetric Measurement of
Anode
Figure 2: 3D Model of Mooring Chain
Connection
Figure 3: 3D Volumetric Corrosion
Assessment (left) and Ultra-High Dynamic Range Model (right) of
Mooring Chain Segments
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ABOUT KRAKEN ROBOTICS
INC.Kraken Robotics Inc. (TSX.V:PNG) (OTCQB: KRKNF) is a
marine technology company dedicated to the production and sale of
software-centric sensors, subsea batteries, and underwater robotic
systems. It provides high-resolution 3D acoustic imaging solutions
and services to enable clients to overcome the challenges in our
oceans - safely, efficiently, and sustainably. Kraken
Robotics is headquartered in Canada and has offices in North and
South America and Europe. Kraken is ranked as a Top 100 marine
technology company by Marine Technology Reporter.
Certain information in this news release
constitutes forward-looking statements. When used in this news
release, the words "may", "would", "could", "will", "intend",
"plan", "anticipate", "believe", "seek", "propose", "estimate",
"expect", and similar expressions, as they relate to the Company,
are intended to identify forward-looking statements. In particular,
this news release contains forward-looking statements with respect
to, among other things, business objectives, expected growth,
results of operations, performance, business projects and
opportunities and financial results. These statements involve known
and unknown risks, uncertainties and other factors that may cause
actual results or events to differ materially from those
anticipated in such forward-looking statements. Such statements
reflect the Company's current views with respect to future events
based on certain material factors and assumptions and are subject
to certain risks and uncertainties, including without limitation,
changes in market, competition, governmental or regulatory
developments, general economic conditions and other factors set out
in the Company's public disclosure documents. Many factors could
cause the Company's actual results, performance or achievements to
vary from those described in this news release, including without
limitation those listed above. These factors should not be
construed as exhaustive. Should one or more of these risks or
uncertainties materialize, or should assumptions underlying
forward-looking statements prove incorrect, actual results may vary
materially from those described in this news release and such
forward-looking statements included in, or incorporated by
reference in this news release, should not be unduly relied upon.
Such statements speak only as of the date of this news release. The
Company does not intend, and does not assume any obligation, to
update these forward-looking statements. The forward-looking
statements contained in this news release are expressly qualified
by this cautionary statement.
Neither the TSX Venture Exchange Inc. nor its
Regulation Services Provide (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release, and the OTCQB has neither
approved nor disapproved the contents of this press release.
For further information:Stephen Griffin, Group Marketing
ManagerStephen.Griffin@krakenrobotics.com
Joe MacKay, Chief Financial Officer(416)
303-0605jmackay@krakenrobotics.com
Greg Reid, President & CEO(416)
818-9822greid@krakenrobotics.com
Sean Peasgood, Investor Relations(647)
955-1274sean@sophiccapital.com
Photos accompanying this announcement are available
athttps://www.globenewswire.com/NewsRoom/AttachmentNg/7f5a2026-d678-44c3-a678-48d21f008dab
https://www.globenewswire.com/NewsRoom/AttachmentNg/103e1c0f-5016-4fe1-a5ea-f8cc52f1ad6e
https://www.globenewswire.com/NewsRoom/AttachmentNg/5ff6e735-8c21-44cc-91eb-324a0e453c2a
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