ST. JOHN’S, NEWFOUNDLAND, March 7, 2023 /GLOBE NEWSWIRE/ — Kraken Robotics Inc. (TSX-V: PNG, OTCQB: KRKNF), is pleased to announce that Kraken Robotics is to support subsea solutions provider N-Sea with cable burial survey services during cable inspection and remedial burial campaign for a major interconnecting power cable asset in the North Sea. While contract values cannot be disclosed, Kraken has secured more than $1.4 million to date in Q1, 2023 in depth of burial and boulder detection project surveys.
Commencing in March 2023 and expected to continue for 20 days, Kraken Robotics has mobilised its 3D acoustic Sub-Bottom Imager (SBI) survey sensor to a vessel under the control of N-Sea, to support cable burial surveys along a series of HVDC interconnector cables. During the works, the SBI will initially be used to locate the cables and confirm depth of burial before any remedial mass flow excavation works are carried out to ensure the cables are buried to a suitable depth. A secondary SBI pass will then ensure burial depth before the vessel moves onto the next section of cable.
As an acoustic system, Kraken’s SBI provides N-Sea with market-leading burial accuracy and allows the cables to remain energized throughout the operations, enabling power flow to continue without disruption. Having amassed more than 11,500 km of cable surveys to date, the SBI is a well-proven sensor which provides confidence to cable owners that their assets are protected from other sea users, and produces the most accurate cable baseline available, against which, all subsequent surveys can be monitored, and any changes quantified. See link for more details on Kraken’s SBI.
Moya Cahill, Executive VP Services at Kraken, commented, “This project with N-Sea is one of several new, exciting and challenging sub-seabed services projects already secured by Kraken Robotics in Q1, a period that is traditionally slow for survey. Our leading SBI technology and expertise will support our clients in their critical cable depth of burial and boulder detection surveys.”
According to N-Sea, “N-Sea is very pleased with this contract from a large power operator for maintaining their interconnector cable, which confirms N-Sea’s position as leading subsea solutions provider in the field of IRM. Based on the specific requirements of this project, N-Sea has developed a tailormade solution combining in-house capabilities and assets with specialist services from reputable partners like Kraken Robotics.”
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.
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ABOUT N-SEA:
N-Sea is an integrated total subsea solutions provider in Survey, IRM & Construction, Subsea Cable Repair & Installation, and UXO ID & Disposal. N-Sea delivers effective and cost-efficient solutions for subsea infrastructures and assets that meet the needs of the international oil, gas- and renewable industries. They meet their clients by providing effective and cost-efficient solutions for subsea assets and infrastructure, considering a safe environment. www.n-sea.com
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 Manager
Stephen.Griffin@krakenrobotics.com
Joe MacKay, Chief Financial Officer
(416) 303-0605
jmackay@krakenrobotics.com
Greg Reid, President & CEO
(416) 818-9822
greid@krakenrobotics.com
Sean Peasgood, Investor Relations
(647) 955-1274
sean@sophiccapital.com
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