Kraken Robotics Inc.
Kraken Robotics Inc.
04/30/2024 | Press release | Distributed by Public on 04/30/2024 04:36
Kraken Robotics Receives $11 Million of New Service Contracts
ST. JOHN'S, NEWFOUNDLAND, 30 April 2024 /GLOBE NEWSWIRE/ - Kraken Robotics Inc. ("Kraken" or the "Company") (TSX-V: PNG, OTCQB: KRKNF) announces that its Service business is off to a strong start in 2024 with $11 million of new contracts since the beginning of the year. These jobs will be completed in 2024. This is in addition to $4 million of survey contracts (for KATFISH and magnetometer surveys) that we announced in November 2023 which are also being executed in 2024. These contracts cover offshore geographies in Australia, Europe, and the US.
These new contracts consist of a $8 million Acoustic Corer contract signed yesterday and several smaller Sub Bottom Imager contracts for offshore wind farm development totalling $3 million. Under the Acoustic Corer contract, Kraken will provide high resolution sonar imagery at depths of up to 20 meters in the seabed using its 3D Acoustic Core imaging sonar. This leverages Kraken's equipment and advanced processing expertise in de-risking marine construction projects. This marks the fourth major acoustic corer campaign by Kraken since 2022 and builds upon our track record of having completed numerous multi-disciplinary surveys around the globe.
Figure 1: Sub Bottom Imager
Figure 2: Acoustic Corer
Figure 3: KATFISH
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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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:
Jack North, Marketing Lead
[email protected]
Joe MacKay, Chief Financial Officer
(416) 303-0605
[email protected]
Greg Reid, President & CEO
(416) 818-9822
[email protected]
Sean Peasgood, Investor Relations
(647) 955-1274
[email protected]