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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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.
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:
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
