- Kraken Robotics (PNG) has been awarded a government contract to provide remote minehunting and disposal systems for the Department of National Defense
- The contract consists of an estimated 24-month acquisition program followed by an initial five-year Integrated Logistics Support (ILS) program
- If all options in the acquisition and ILS programs are selected, the total value of the contract will exceed $50 million
- Kraken Robotics is a marine technology company focused on the production of software-centric sensors, subsea batteries, and underwater robotic systems
- Kraken Robotics Inc. (PNG) is unchanged on the day, trading at C$0.54 per share at 10:15 am ET
Kraken Robotics (PNG) has been awarded a government contract to provide remote minehunting and disposal systems for the Department of National Defense (DND).
The contract consists of an estimated 24-month acquisition program followed by an initial five-year Integrated Logistics Support (ILS) program, which includes options for additional equipment, spare parts, training, and technical support.
The acquisition program will begin in January 2023. If all options in the acquisition and ILS programs are selected, the total value of the contract will exceed $50 million, including approximately $40 million for acquisition and $10 million for ILS.
Progress payments will be made over the 24-month term of the acquisition contract.
Under the program, Kraken will deliver remote minehunting and disposal systems to His Majesty’s Royal Canadian Navy on the East Coast and the West Coast.
The RMDS consists of two classes of Autonomous Underwater Vehicles (AUVs): Light Weight AUVs and Operator Portable AUVs, all of which will be equipped with Kraken’s AquaPix synthetic aperture sonar. The RMDS also includes a number of Combat-variant and Training-variant mine disposal systems (MDS), transportable command centers (TCC) and Computer-Based Trainers (CBT).
Kraken’s partners on this program include Kongsberg Maritime Canada Ltd., ThyssenKrupp Marine Systems Canada Ltd (tkMS), and SH Defense.
Karl Kenny, President and CEO of Kraken, commented on the contract.
“This represents a huge win not only for the Kraken team as innovators of world-leading minehunting solutions but also an immensely proud moment for our Canadian personnel. Delivery of Kraken’s RMDS solution will provide Canada with a world-class mine-hunting and mine-disposal capability and enable further collaboration with our NATO allies, leveraging common technology platforms across our allied fleets. For Kraken, this program is building upon the success we have had supplying underwater sensors, platforms, and services to a number of NATO navies, including the US, UK, Australia, Denmark, Poland, and others. Kraken has deployed our SAS solutions on the family of HII AUVs across several countries, so we are looking forward to bringing that field-proven capability to the Royal Canadian Navy.”
Kraken Robotics is a marine technology company focused on the production of software-centric sensors, subsea batteries, and underwater robotic systems.
Kraken Robotics Inc. (PNG) is unchanged on the day, trading at C$0.54 per share at 10:15 am ET.
