MEMBER NEWS: Kraken Robotics Receives $11 Million of New Service Contracts

May 3, 2024
MEMBER NEWS: Kraken Robotics Receives $11 Million of New Service Contracts

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.

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AREG is the original energy transition organisation, working on behalf of members to empower the energy supply chain and champion its expertise. Please get in touch if you have any questions or would like to find out more about membership.

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AREG has played an important role in the growth of Scotland’s renewable energy sector, engaging the supply chain and developing the European Offshore Wind Deployment Centre. However, we are only at the very beginning of the transition that AREG was established to both lead and support so there are still opportunities for companies to get into the constantly evolving renewables supply chain. We look forward to continuing our work together as renewables builds on its place as Scotland’s main source of power, and as we seek to deliver real change in the crucial areas of heat and transport.

Scottish Renewables
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Aberdeen & Grampian Chamber of Commerce has worked closely with AREG since its formation. The recent progress in the developments of offshore wind projects by Equinor and Vattenfall are as a result of the work of the group over many years. The north-east is known as the oil and gas capital of Europe. At the Chamber, we believe the region must evolve its position to being recognised as the energy capital. Whilst hydrocarbons will continue to be essential in driving our economy for years to come, the generation of renewable resources will play an increasingly important role in providing cost-effective power, innovative development and economic growth.

Aberdeen & Grampian Chamber of Commerce
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The enthusiasm and dedication of the early group that would become AREG was fundamental in us choosing to launch All-Energy in Aberdeen. The first tiny show was held in 2001, and AREG’s Chairman at the time, Jeremy Cresswell, played such an active role that I often describe him in terms such as All-Energy’s ‘midwife’. All-Energy is now the UK’s largest renewable and low carbon energy exhibition and conference in terms of number of attendees, space booked, and number of exhibiting companies. As AREG became firmly established, their presence and support for the event grew spectacularly over the years. We thank them most sincerely for their invaluable input.

All-Energy
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Vattenfall has forged a strong working relationship with AREG through the development of the European Offshore Wind Deployment Centre. AREG has worked tirelessly on behalf of the North East and it can take enormous credit for the growth of sustainable energy in the region and the path it has cleared for the region to capture further investment.

Vattenfall
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Aberdeen City and Shire is emerging as a key location for renewables by successfully transferring its world-class oil and gas expertise into the sector and AREG has done much to advance this through a broad range of initiatives. It has acted as a catalyst in driving further investment in the local economy by engaging with companies, Government, public bodies and existing projects and we have been pleased to support their efforts. Scottish Enterprise will continue to engage with AREG as we increase Scotland’s use of renewable energy.

Scottish Enterprise