Kraken Robotics Announces $9.5 Million Contract with the Navy of a Large Asia Pacific Country
31 May 2023 - 8:00PM
Kraken Robotics Inc. (TSX-V: PNG, OTCQB: KRKNF) announces a $9.5
million contract to supply high-resolution seabed mapping sonar
equipment to a navy in Asia-Pacific. The customer cannot be named
at this time. Under the scope of the contract, Kraken will deliver
its KATFISH™ high-speed minehunting solution. The contract also
includes a variety of support and sustainment options, including
training, spares and operational support.
Under the acquisition contract, Kraken will
deliver its KATFISH towed Synthetic Aperture Sonar,
Tentacle® Winch and Autonomous Launch and Recovery System
(ALARS) in Q2, 2023. Kraken’s equipment will be integrated onboard
a vessel of opportunity selected by the customer. Continuing to
build off successful KATFISH deliveries with various NATO navies,
this represents Kraken’s first KATFISH system sale in the
Asia-Pacific region.
This contract follows the results of a
successful in-country demonstration of KATFISH™ for the customer in
Q1 of this year. Kraken’s team worked in concert with a local
survey company to complete a 200 km seabed survey that provided
real-time ultra- high-resolution imagery and bathymetry of the
seafloor along coastal waters.
Kraken is seeing continued opportunities for
growth in all regions of the world as several trends are driving
demand for Kraken’s synthetic aperture sonar technology. These
include:
- A heightened focus on maritime security and protection of
subsea infrastructure.
- An industry upgrade cycle and a gradual shift to smaller
unmanned surface vessels for mine hunting. There are over 300
manned mine hunting vessels that are more than 20 years old and
need to be upgraded over the next 5-10 years. Many of these will be
replaced with smaller, unmanned vessels.
- Strong growth in the commercial market from growing
requirements for high resolution data for seabed surveys and subsea
asset inspection in the offshore oil and gas and offshore wind
sectors.
ABOUT KATFISHThe KATFISH is a
high-speed seabed survey system providing ultra-high resolution
seabed imagery and bathymetry for defense and commercial customers.
The acoustic imagery and bathymetry collected by KATFISH systems
provides customers with actionable intelligence about subsea assets
and infrastructure such as subsea pipelines and fiber optic cables,
as well as important hydrographic information about the safety of
key transit routes for ocean going assets. Kraken has integrated
KATFISH to a variety of manned and unmanned vessels of opportunity,
providing both standalone turnkey seabed mapping as well as
optional integration to a customer’s combat mission management
systems.
ABOUT KRAKEN ROBOTICS
INC.Kraken Robotics Inc. (TSX.V:PNG) (OTCQB: KRKNF) is a
marine technology company providing complex subsea sensors,
batteries, and robotic systems. Our high-resolution 3D acoustic
imaging solutions and services 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.
LINKS:www.krakenrobotics.com
SOCIAL MEDIA:LinkedIn
www.linkedin.com/company/krakenrobotics Twitter
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www.facebook.com/krakenroboticsinc YouTube
www.youtube.com/channel/UCEMyaMQnneTeIr71HYgrT2A Instagram
www.instagram.com/krakenrobotics
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
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