ST. JOHN’S, Newfoundland and Labrador, July 19, 2021 (GLOBE NEWSWIRE) -- Kraken Robotics Inc. (TSX-V: PNG, OTCQB: KRKNF), Canada’s Ocean Company™, is pleased to announce that it has been awarded a Robotics as a Service (RaaS) contract from Newfoundland and Labrador Hydro (formerly Nalcor Energy) for the Marine Inspection of Strait of Bell Isle Submarine Cable. This cable provides power to Newfoundland from Labrador. This $598,871 contract was the result of a recent competitive tender issued by Newfoundland and Labrador Hydro (formerly Nalcor Energy). Under the contract, Kraken will deploy its KATFISH™ towed SAS sonar system including our Automatic/Remote Launch and Recovery System (ALARS) deployed on the R/V Ocean Seeker. This contract will be executed in Q3, 2021.
Contract Details and Kraken Service Equipment
The Strait of Bell Isle (SOBI) cable crossing design consists of three (3) HVDC cables installed in three (3) HDD cable conduits on each side of the SOBI that protect the cable from icebergs. Each cable is routed along the seabed between the conduit exits on the seafloor from Shoal Cove to Forteau Point, Newfoundland and Labrador. Under the contract, Kraken will survey the three cables along the crossing. Each cable route is approximately thirty-one (31) kilometres long with twenty-seven (27) kilometres laying on the seabed and four (4) kilometres protected by cable conduits. Kraken’s Synthetic Aperture Sonar (SAS) technology will provide NALCOR with ultra-high 3cm resolution seabed imagery and 3D 25cm resolution bathymetry.
The R/V Ocean Seeker is based out of the Kraken facilities in Dartmouth, Nova Scotia. The Ocean Seeker is a state of the art 72-foot high-speed Catamaran Survey vessel which holds the Kraken KATFISH™, Tentacle Winch™, and ALARS (see Figures 1-3). Due to the KATFISH’s ability to process SAS data in real-time, data will be instantly viewable onboard the vessel during the survey and any cable or rock berm anomalies identified will be geolocated providing the ability to collect additional data as needed. During these survey operations, the Ocean Seeker will perform 12-hour daily operations of the SOBI submarine cables.
Kraken has tested and validated a robust positioning solution consisting of a tightly integrated Ultra Short Baseline (USBL) and Inertial Navigation System (INS) solution, based on iXBlue GAPS USBL (on vessel) and iXBlue PHINS C3 INS (on KATFISH™). The iXBlue GAPS USBL acoustically tracks the position of the KATFISH™, and automatically provides position updates to the iXBlue PHINS C3 INS installed in the KATFISH™, via Ethernet communication (over the fiber optic tow cable). The vessel is positioned using a Hemisphere A222 with RTL corrections.
The KATFISH™ Navigational System includes a sophisticated Fiber-Optic Gyro (FOG) based INS, aided by a Doppler Velocity Log (DVL) and Depth Sensor integrated into the KATFISH™ towbody and a FOG-aided USBL positioning system integrated on the tow vessel.
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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. 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
(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
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