Kraken Signs Contract with Major Energy Company for Underwater Asset Inspection and Provides SeaVision® Update
July 15 2021 - 5:00AM
Kraken Robotics Inc. (TSX-V: PNG, OTCQB: KRKNF), Canada’s Ocean
Company™, is pleased to announce several positive updates relating
to the Company’s SeaVision® laser scanner developments and growth
in its Robotics as a Service (RaaS) offering. Kraken’s SeaVision®
3D laser scanner technology will be used in the Company’s RaaS
offering focused on three primary markets: mooring chain
inspections, ship hull inspection, and offshore wind farm
inspection. After several years of development and numerous trials
and technology demos, Kraken expects to ramp significant RaaS
revenue from SeaVision® laser inspection contracts. Notable updates
are as follows:
|
1) |
Kraken recently signed a contract with a major international energy
company to provide detailed underwater inspection of the customer’s
subsea assets. Under the contract, Kraken’s SeaVision® 3D laser
scanner will be used to conduct underwater inspection of an
umbilical termination assembly to acquire metrology data on tubing
within the internal structure. The work will be performed in Q4 of
this year in a West African country. The customer’s name and the
contract amount cannot be disclosed due to confidentiality
reasons. |
|
2) |
Kraken recently completed extensive trials on Kraken‘s SeaVision®
based Mooring Chain Inspection Tool (MCIT) (see Figures 1 and 2
below for sample results). Combining the award winning SeaVision®
technology with Kraken developed state-of-the-art deep learning
object detection and 3D form matching technology, SeaVision® MCIT
will enable a time efficient and contactless inspection. Kraken
recently finished test runs in a tank facility using six links of a
fully documented and analysed mooring chain. The trials objectively
showed that Kraken’s MCIT software system can track and measure
diameters within the required measurement envelope. As a result,
Kraken expects to move forward to readying the system for the first
test deployment later this year with a goal to ramping a mooring
chain inspection service offering in 2022. |
|
3) |
Kraken recently completed a successful offshore mooring chain
inspection campaign with a major Brazilian energy company. Kraken
is expected to offer ongoing support for diver-less underwater
asset inspection in the Brazilian offshore energy market leveraging
the SeaVision® toolkit. Following this successful campaign, Kraken
expects to expand its SeaVision® mooring chain inspection service
offering to additional international clients in 2022, including
certification with an internationally recognized regulatory
agency |
Management CommentsKarl Kenny,
Kraken President and CEO said, "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 offshore wind platforms. Kraken’s
SeaVision® MCIT tool provides a substitute to the conventional
mechanical caliper used today for dimensional measurements
resulting in a faster, objective, safer and contact-free
measurement that reduces the number of offshore campaign days. This
can save customers millions of dollars in operational costs and CO2
emissions associated with vessel operations and can provide
significant improvement in asset integrity assurance. 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 2022.”
Figure 1: 3D Point Cloud of Mooring
Chain Segment produced in real-time during Kraken’s recent
SeaVision testing
Figure 2: Kraken's Mooring Chain Tracker
leverages Deep Learning for detecting and tracking individual chain
links during testing (See video at
https://www.youtube.com/watch?v=IBnvbLmmEHs)
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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,
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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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