Kraken Signs $8 Million Contract with Global Energy Company

Kraken Robotics Inc., Canada’s Ocean Company, announces that it has signed an R&D contract with a global energy company that will provide $8 million of cash funding to Kraken’s Brazilian subsidiary over a 3-year period. Under this project, Kraken will continue the development of Artificial Intelligence, Machine Learning software, and subsea autonomy solutions to intelligently analyze sensor data and learn how to respond to highly dynamic environments in the offshore oil and gas, wind, hydrographic, science, and defense industries. Due to customer confidentiality, further details cannot be released at this time.

ABOUT KRAKEN ROBOTICS INC.

Kraken Robotics Inc. is a marine technology company dedicated to the production and sale of software-centric sensors, subsea batteries, and underwater robotic systems. The company is headquartered in Newfoundland with offices in Canada, U.S., Germany, Denmark, and Brazil. In July 2021, Kraken acquired PanGeo Subsea, a leading services company specializing in high-resolution 3D acoustic imaging solutions for the sub-seabed used to mitigate risk in offshore installations. PanGeo with offices in Canada, the United States, and the United Kingdom is now a wholly-owned subsidiary of Kraken. Kraken is ranked as a Top 100 marine technology company by Marine Technology Reporter.

www.krakenrobotics.com

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