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Includes Contract on one of the World’s Largest Offshore Wind Farms
ST. JOHN’S, Newfoundland, May 04, 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 several cable depth of burial campaigns in Europe utilizing the company’s 3D acoustic Sub-Bottom Imager™ (SBI). These contracts, with combined value of more than $3 million, will be completed throughout 2022.
Under these contracts, the SBI will be used as the cable detection survey sensor providing acoustic depth of burial (DOB) measurements to cables with burial depths up to 5m for survey operations continuing while the cables remain operational.
Commencing in May, PanGeo will be using the SBI to perform cable DOB along the Inter Array Cables (IAC) of one of the world’s largest windfarms currently under construction in the UK, approximately 89km off the Yorkshire coast. The cable DOB survey will be performed along 165 cable links divided into 18 IAC strings, totaling approximately 360km of cables. Due to cable burial depths and the requirements for the windfarm to remain fully operational throughout the survey campaign, the PanGeo SBI was chosen to perform DOB along the IAC routes. When fully commissioned, the windfarm will be one of the world’s largest offshore wind farms, generating approximately 1.3GW of renewable energy.
Elsewhere, the SBI will support multiple cable DOB campaigns including three campaigns in Taiwan, and others in the North Sea and Baltic Sea. Most recently, PanGeo’s SBI completed cable DOB surveys within the North Sea as part of a windfarms’ Operations and Maintenance phase whereby the entire windfarm remained operational.
“We are excited as we continue to support the key players in the renewable energy sector, growing with them in Europe and as they expand in the USA and Taiwan. Delivering survey solutions to the largest wind farm in the world sets a precedence for our technology and enables our team to leverage our services globally,” said PanGeo CEO, Moya Cahill. “We have introduced enhancements to our technology and look forward to delivering even sharper 3D imaging at depth to these project and others that will follow.”
Kraken also announces that its Board of Directors has approved the issuance of 6,330,000 stock options. The grant consists of 5,130,000 options to employees in recognition of their dedication and hard work supporting the interests of the company and 1,200,000 options to directors. These options have a five-year term, with vesting in three equal instalments consisting of the date of grant and on the one and two-year anniversaries of the initial grant. The exercise price on the options is $0.395.
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.
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, please contact:
Joe MacKay, Chief Financial Officer
Greg Reid, Chief Operating Officer
Sean Peasgood, Investor Relations