(TSX VENTURE: PNG) (OTCQB: KRKNF)
Kraken Robotics Inc. announced it has been awarded a contract valued at over $2,000,000.
The contract entails the delivery of advanced sensors, underwater robotics and software. Delivery of the entire contract is expected in 4Q 2017. Further contract terms and program details are confidential.
Karl Kenny, Kraken President and CEO said,
“We’re delighted with this contract award from a highly valued customer. Over the past 18 months, Kraken has made a series of prudent investments in people and technology to advance the performance and affordability of our sensors and underwater robotics. It’s increasingly evident by our recent contract awards that these investments are paying off. The proven capabilities and reliability of our solutions provide our customers with a true technological edge for subsea survey applications in the Unmanned Maritime Vehicle (UMV) industry.”
The global UMV market is experiencing an advanced rate of growth due to increasing demand in military, commercial and scientific research applications. Significant growth is expected in the commercial sector, predominately from oil and gas operators – despite the volatility of oil prices. There has also been substantial interest in the technology from the offshore renewable energy sector, as operators have begun to understand the cost saving potential of robots for inspection of underwater assets. A recent research report by Grace Market Data, entitled Global Unmanned Maritime Vehicles 2017-2025, estimates a cumulative capital expenditure of US$66.9 billion will be spent during the period. This will be driven by the increased international adoption of Remotely Operated Vehicles (ROVs), Autonomous Underwater Vehicles (AUVs), and Unmanned Surface Vehicles (USVs).