Source: Kraken Robotics
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Kraken Robotics Inc.’s (PNG), wholly owned subsidiaries. have been awarded two contracts from the Newfoundland Offshore Oil and Gas Industry Recovery Assistance (OOGIRA) Fund
  •  The combined projects valued at $9.2 million will be executed from Q4 2021 through Q4 2022
  • Kraken and PanGeo’s inspection and survey platforms will assist the offshore energy sector to acquire better, faster, and more valuable data
  • This will support offshore energy operators to make better-informed decisions regarding asset integrity, enhance energy recovery and reduce carbon emissions during inspection and survey operations.
  • Kraken Robotics Inc. (PNG) is up 9.09 per cent and is trading at $0.42 per share as of 2:14 p.m. ET

Kraken Robotics (PNG), subsidiaries have been awarded two contracts from the Newfoundland Offshore Oil and Gas Industry Recovery Assistance (OOGIRA) Fund.

 The combined projects, valued at $9.2 million, will be executed from Q4 2021 through Q4 2022.

Kraken and PanGeo’s inspection and survey platforms will assist the offshore energy sector to acquire better, faster, and more valuable data.

This will support offshore energy operators to make better-informed decisions regarding asset integrity, enhance energy recovery and reduce carbon emissions during inspection and survey operations.

Kraken has been awarded $2.3 million in funding as part of a $4.0 million Fast Remote 3D Digital Inspection (FR3DI) Technology Demonstration Project.

During the FR3DI project Kraken will demonstrate the inspection of critical subsea infrastructure for Cenovus Energy Inc. and Suncor Energy Inc. using Kraken’s SeaVision 3D underwater laser scanning technology.

The offshore demonstration campaign will consist of several inspection scopes of work to create digital twins of subsea infrastructure as prioritized by Cenovus and Suncor.

The applications include inspection of infrastructure in the water column and critical seabed assets including flowlines, spider buoys, and manifolds.

Kraken will receive approximately $1 million in funding for equipment and salaries and will also contribute approximately $400,000 in equipment and salaries.

The remaining $2.6 million of project funding is comprised of operational expenses, materials and consumables and will be supported by OOGIRA and project partners Cenovus and Suncor.

This project aims for joint engineering efforts leveraging an existing PanGeo sled design with Kraken SeaVision electronics and significant software integration.

PanGeo and Memorial University’s Fisheries and Marine Institute’s GeoTrac project has been approved for a $4.8 million contract.

The GeoTrac project will see the development of a new multi-sensor platform that will acquire high-resolution 3D Synthetic Aperture Sonar sub-bottom data as well as soil resistivity measurements for geo-technical and geo-physical analysis to support the development of offshore energy projects.

Geotechnical and geophysical data will be acquired offshore and processed onshore at a new facility located at the Marine Institute’s facility in Holyrood, Newfoundland.

The project will contribute approximately $4.8 million to PanGeo for equipment and salaries needed to develop deep-water data collection technology and an onshore data processing facility.

Kraken Robotics Inc. (PNG) is up 9.09 per cent and is trading at $0.42 per share as of 2:14 p.m. ET.

More From The Market Herald

" Micromem Technologies (CSE:MRM) closes private placement

Micromem Technologies (MRM) has closed a private placement for gross proceeds of $282,000.
PyroGenesis - Vice President of Sales, Massimo Dattilo.

" PyroGenesis (TSX:PYR) completes titanium powder order from Aubert & Duval

PyroGenesis (PYR) has completed a 100 kg titanium powder order from Aubert & Duval.

" Adamant Global Holdings (CSE:ADMT) releases 2021 results

Adamant (ADMT) has released its 2021 financial results headlined by significant revenue growth.

" Buzz on the Bullboards: The Larger the Hubs, the Heavier the Debates

Several of Stockhouse’s larger Bullboard hubs have set off serious debates on the future direction of some companies following significant moves this past