Kraken gathers $11 million in new contracts since beginning of 2024

Kraken Robotics has reported a “strong start” to 2024 for its Service business with $11 million of new contracts secured since the beginning of the year.

The contracts, all set to be completed within this year, come in addition to $4 million of survey contracts for KATFISH and magnetometer surveys that were announced in November 2023, also being executed in 2024. These contracts cover offshore geographies in Australia, Europe, and the U.S.

According to Kraken, these new contracts consist of an $8 million acoustic corer contract signed yesterday, April 29, and several smaller sub-bottom imager contracts for offshore wind farm development totaling $3 million.

Under the acoustic corer contract, Kraken will provide high-resolution sonar imagery at depths of up to 20 meters in the seabed using its 3D acoustic core imaging sonar. This is said to mark the fourth major acoustic corer campaign by Kraken since 2022.

The Canada-headquartered marine technology player was hired at the end of 2023 by an undisclosed company for a specialized sub-seabed survey to map the exact location and integrity of buried pipelines.

The survey, scheduled to be completed in the first half of 2024, will utilize specialized magnetic surveying techniques combined with artificial intelligence and the previously acquired acoustic data set to image the buried pipelines.