Kraken Robotics Inc. (TSX-V: PNG, OTCQB: KRKNF), Canada’s Ocean
Company™, is pleased to announce that it has joined the LifeMoor
project, an industry collaboration focused on improving the
lifetime estimate of subsea mooring chains. This 4-year “Knowledge
Building Project for Industry” started in 2018. LifeMoor is
supported by the Research Council of Norway and run by SINTEF,
Norway’s largest independent research institution. The project
includes a consortium of industry partners (NTNU, Equinor,
MacGregor, Aker BP, Nosted, Kraken Robotics).
Saving Money and Extending Asset Life
through Mooring Chain Inspection The offshore mooring
market was valued at over US$ 1 Billion in 2020 and is expected to
grow at a 3.7 % CAGR from 2021 to 2026 according to industry
analyst, Market Study Report LLC. The largest market segment is
offshore oil & gas FPSOs, accounting for over 2,000 km of
mooring chains. There is also growing demand from floating offshore
wind platforms.
There are a diverse number of factors that
contribute to mooring chain failures. Industry best practice and
available technology have limitations in estimating remaining life.
In most cases industry is overly conservative, which leads to
changing a mooring system earlier than needed, resulting in a loss
of millions of dollars in costs and production downtime. In other
cases, industry is not conservative enough which can lead to a
mooring system failure earlier than expected. This can have
catastrophic consequences that can cost billions of dollars in
damages. The outcome of the LifeMoor project will allow for better
service life estimates on mooring chains, delivering a significant
benefit to offshore energy operators.
Kraken is Bringing Efficiency and Cost
Savings to Mooring Chain Inspection Kraken in partnership
with the offshore energy industry and government is developing
SeaVision® Mooring Chain Inspection Tool (MCIT), an underwater
mooring chain inspection tool based on Kraken’s SeaVision® sensor.
SeaVision® is a mature Kraken technology that produces ultra-high
resolution underwater 3D laser-imaging scans and has been deployed
successfully in diverse mooring campaigns in Canada and Brazil.
With SeaVision® MCIT, Kraken is also developing the data analytics
software to process SeaVision® data efficiently into corrosion and
dimensional measurements requirements for mooring integrity
analysis.
In conjunction with Kraken becoming a new member
of LifeMoor, Kraken has entered into a project agreement with a
major East Coast offshore energy operator. The project objective is
to validate SeaVision® MCIT on a mooring chain provided by the
offshore energy operator and to integrate SeaVision® MCIT with
LifeMoor analytics software. Kraken expects to have the results
validated and certified by Q3-2021.
Management CommentsCommenting
on the project, Karl Kenny, Kraken President and CEO said,
"Kraken’s SeaVision® MCIT tool is a substitute to the conventional
mechanical caliper used today for dimensional measurements. This
advancement provides a faster, contact-free measurement that
reduces the number of campaign days, consequently saving millions
of dollars in operational costs and CO2 emissions associated with
vessel operations. 3D corrosion models from SeaVision® MCIT
combined with LifeMoor results in remaining life assessments that
have the potential to be an industry game changer, providing
significant improvement in asset integrity assurance and tens of
millions of dollars in operational cost savings. After several
years of technology development, trials, and paid demos, Kraken
expects to ramp up and globally deploy a mooring chain inspection
service offering in early 2022."
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/74550b8d-c635-4191-ae26-75364b326c81
LINKSwww.krakenrobotics.com
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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) 303-0605jmackay@krakenrobotics.com
Greg Reid, Chief Operating Officer(416)
818-9822greid@krakenrobotics.com
Sean Peasgood, Investor Relations(647)
955-1274sean@sophiccapital.com
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