PanGeo Subsea, a Kraken Robotics Company, Awarded $5 Million Decommissioning Campaign from Couvillion Group


ST. JOHN’S, Newfoundland and Labrador, March 30, 2022 (GLOBE NEWSWIRE) -- PanGeo Subsea, a wholly owned subsidiary of Kraken Robotics Inc. (TSX-V: PNG, OTCQB: KRKNF), Canada’s Ocean Company™, is pleased to announce the award of a $5 Million Acoustic Corer™ contract in the US Gulf of Mexico. Couvillion Group issued this decommissioning project to PanGeo for commencement in Q2, 2022. This 90-day campaign is the largest Acoustic Corer™ project undertaken by the Company to date.

In 2004, a storm induced mudslide caused an offshore jacket to topple. The jacket has been lying on the seafloor in 150 meters of water with the subsea conductors buried under 60 meters of mud. PanGeo will use its high-resolution sub-seabed imaging technology to identify where the conductors are located in the debris field to provide valuable information to enable the planning of the plug and abandonment of the well.

In addition to this debris survey, PanGeo has recently been issued a Letter of Intent for a multi-million-dollar Acoustic Corer™ campaign (50 days) for an offshore wind farm in the Baltic where it will be imaging boulders in the sub-seabed mitigating the risk for pile refusal.

Other technologies in the PanGeo services portfolio include the ROV mounted Sub-Bottom Imager™ and the Remotely Operated Towed Vehicle the SeaKite™. These technologies acquire sub-seabed 3D acoustic synthetic aperture sonar to resolutions better than 10 cm.

Management Comments
Moya Cahill, PanGeo’s CEO said, “the Acoustic Corer™ delivers a unique solution to the industry that has been tried and proven by the Couvillion Group in a demonstration project in 2019. We are truly excited to return to this site and work with the Couvillion team to complete a full site investigation of the debris field.”

“We believe that PanGeo has the key to unlock the unknowns below the seafloor that will ultimately enable a successful plug and abandonment of the well”, said Couvillion Group’s CEO, Timmy Couvillion.

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www.krakenrobotics.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 thrusters, 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. 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.

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For further information, please contact:

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