ST. JOHN’S, NEWFOUNDLAND, October 11, 2022 /GLOBE NEWSWIRE/ — Kraken Robotics Inc. (TSX-V: PNG, OTCQB: KRKNF), is pleased to announce that its PanGeo Subsea subsidiary has completed an Acoustic Coring campaign for ONE-Dyas in the North Sea. This is PanGeo’s second Acoustic Corer (AC) survey at ONE-Dyas’s GEMS development, supporting foundation engineering of the N05-A gas platforms.
The campaign took place during the summer aboard the M/V Dina Star. PanGeo was the prime contractor for the project. The scope of work was to acquire an acoustic core at each of the 6 legs of the platform foundation, and an additional core centered on the wellhead.
PanGeo high-resolution data will identify geohazards such as buried boulders of 0.3 meters diameter and larger to 40 meters below the seabed. PanGeo also correlated the acoustic data to pre-existing geotechnical data and extrapolated the geotechnical properties across the entire foundation footprint. PanGeo’s geoscientists will now assess the collected AC data to identify buried boulders that could cause pin-pile refusals and prevent additional costs and installation delays.
“We are very pleased to continue supporting ONE-Dyas on its GEMS region project” says PanGeo’s CEO Moya Cahill. “Through technology enhancements, we have accelerated the Acoustic Corer data acquisition rate, reducing vessel time and delivering a more cost effective and carbon attractive solution to the industry. The AC solution continues to build momentum with its next campaign this fall in the neighboring waters of the Baltic.”
About GEMS
ONE-Dyas aims to deliver the first natural gas to Dutch and German households by the end of 2024. The N05-A project is part of the GEMS area, an area approximately 20 to 100 kilometres north of the Ems estuary in which ONE-Dyas is currently actively exploring in other gas fields in the North Sea.
For more detail on the Acoustic Corer or PanGeo’s services, contact sales@pangeosubsea.com
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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. The company is headquartered in Newfoundland with offices in Canada, U.S., Germany, Denmark, and Brazil. In July 2021, Kraken acquired PanGeo Subsea, a leading services company specializing in high-resolution 3D acoustic imaging solutions for the sub-seabed used to mitigate risk in offshore installations. PanGeo with offices in Canada, the United States and the United Kingdom is now a wholly owned subsidiary of Kraken. 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.
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For further information, please contact:
Shelly Petten, Media Contact
709-770-2979
spetten@pangeosubsea.com
Joe MacKay, Chief Financial Officer
(416) 303-0605
jmackay@krakenrobotics.com
Greg Reid, Chief Operating Officer
(416) 818-9822
greid@krakenrobotics.com
Sean Peasgood, Investor Relations
(647) 955-1274
sean@sophiccapital.com
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