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Kraken subsidiary PanGeo Subsea celebrates record year for Acoustic Corer’s $8M+ deal, The Canadian Business Journal

st. JOHN’S, NEWFOUNDLAND, Oct. 28, 2022 (GLOBE NEWSWIRE) — Kraken Robotics Inc. (TSX-V: PNG, OTCQB: KRKNF) announced that its subsidiary, PanGeo Subsea, has acquired an Acoustic Corer (“AC”) contract. announced that it is almost complete. In 2022 he will cross $8 million. This has been the AC’s busiest year since commercialization in 2011, supporting research in the United States, the North Sea and the Baltic Sea.

Earlier this year, PanGeo was awarded a $5 million contract to support decommissioning studies of a major oil platform in the United States. The scope of work was to obtain 63 overlapping acoustic cores with 100% coverage of the site. 63 individual cores were migrated into one high-resolution 3D acoustic volume data set to identify buried infrastructure at depths up to 60 meters below the mudline.

Following completion of the US project, AC was mobilized to sites in the Dutch North Sea and surveyed seven locations for gas development. The survey consisted of finding and imaging buried rocks greater than half a meter below the seafloor, mapping the depth of rock boundaries and correlating them with their geotechnical properties.

AC is currently deployed in the Baltic Sea and is investigating 30 wind farms off the coast of Poland. The region is dominated by a complex seafloor that has been exposed since the Ice Age, posing challenges to foundation design. Here, AC identifies buried anomalies, including boulders, and creates petrological boundary maps to support foundation design and subsequent safe installation.

These projects follow the completion of PanGeo’s AC software enhancement program, which resulted in a 40% reduction in survey time. PanGeo also integrated parametric chirp sensors to further define lithological boundaries and interpolate the geotechnical properties of the data. These upgrades allow us to identify anomalies down to 60 meters below the seafloor, depending on the seafloor characteristics and complexity.

PanGeo Subsea CEO Moya Cahill said: “Our latest upgrades not only reduce scan times and costs, but also reduce our carbon footprint, so we continue to deliver more value to our clients.”

For more information on Acoustic Corer or PanGeo services, please contact us. [email protected]

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About Kraken Robotics
Kraken Robotics Inc. (TSX.V:PNG) (OTCQB: KRKNF) is a marine technology company that specializes in manufacturing and marketing software-centric sensors, subsea batteries and underwater robotic systems. The company is headquartered in Newfoundland, with offices in Canada, the United States, Germany, Denmark and Brazil. In July 2021, Kraken acquired PanGeo Subsea, a leading services company specializing in high-resolution 3D acoustic imaging solutions under the seafloor used to de-risk offshore installations. With offices in Canada, the US and the UK, PanGeo is now a wholly owned subsidiary of Kraken. Kraken is ranked as one of the top 100 marine technology companies by Marine Technology Reporter.

Certain information in this news release constitutes forward-looking statements. As used in this news release, “could”, “could”, “could”, “could”, “intend”, “plan”, “expect” ‘, ‘believe’, ‘seek’, ‘suggest’, ‘estimate’, ‘expect’ and similar expressions in connection with our company are intended to identify forward-looking statements. In particular, this news release contains forward-looking statements regarding, among other things, business objectives, expected growth, operating results, performance, business projects and opportunities, and financial results. These statements involve known and unknown risks, uncertainties and other factors that could cause actual results or events to differ materially from those anticipated in the forward-looking statements. Such statements reflect the Company’s current view of future events based on certain important factors and assumptions, including market, competitive, governmental or regulatory developments, general economic conditions and prevailing economic conditions. Subject to certain risks and uncertainties, including, but not limited to, changes in other factors. Described in our public documents. Many factors could cause our actual results, performance and achievements to differ from those set forth in this news release. This includes, but is not limited to, those listed above. These factors should not be construed as exhaustive. If one or more of these risks or uncertainties materializes, or if the assumptions underlying the forward-looking statements prove incorrect, the actual results may be stated in this news release. The content and forward-looking statements contained in or incorporated by reference in this news may differ materially. You shouldn’t rely too much on releases. Such statements are made only as of the date of this news release. We disclaim any intention or obligation to update these forward-looking statements. Any forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

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For more information:

Jack North, Media Representative, Marketing Specialist
[email protected]

Joe McKay, Chief Financial Officer
(416) 303-0605
[email protected]

Greg Reid, Chief Operating Officer
(416) 818-9822
[email protected]

Sean Piesgood, Investor Relations
(647) 955-1274
[email protected]


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Kraken subsidiary PanGeo Subsea celebrates record year for Acoustic Corer’s $8M+ deal, The Canadian Business Journal

Source link Kraken subsidiary PanGeo Subsea celebrates record year for Acoustic Corer’s $8M+ deal, The Canadian Business Journal

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