InvestorsObserver
×
News Home

Kraken Robotics (KRKNF) Shares Decline Despite New $0.6 Million Robotics as a Service Contract for Subsea Cable Survey

Monday, July 19, 2021 12:57 PM | Slav Kandyba

Mentioned in this article

Kraken Robotics (KRKNF) Shares Decline Despite New $0.6 Million Robotics as a Service Contract for Subsea Cable Survey

What’s going on with Kraken Robotics?

Kraken Robotics Inc. (KRKNF) stock declined after “Canada’s Ocean Company'' announced it was awarded a Robotics as a Service contract from Newfoundland and Labrador Hydro (formerly Nalcor Energy) for the marine inspection of the Strait of Bell Isle submarine cable. Shares of KRKNF were 2.58% and trading at $0.43 per share on Monday afternoon.

The $598,871 contract for the cable, which transports power to Newfoundland from Labrador, was selected after a competitive tender process and will be executed in the third quarter of this year. Kraken will deploy its KATFISH towed SAS sonar system, with the Automatic/Remote Launch and Recovery System (ALARS) deployed on the R/V Ocean Seeker. 

What does this mean for KRKNF?

The Strait of Bell Isle (SOBI) cable crossing consists of three HVDC cables installed in three HDD cable conduits on each side of the SOBI that protect the cable from icebergs. Each cable is routed along the seabed between the conduit exits on the seafloor from Shoal Cove to Forteau Point, Newfoundland and Labrador. 

The contract calls for Kraken to survey the three cables along the crossing. Each cable route is approximately 31 kilometres long with 27 kilometres laying on the seabed and four kilometres protected by cable conduits. Kraken’s Synthetic Aperture Sonar (SAS) technology will provide NALCOR with ultra-high 3cm resolution seabed imagery and 3D 25cm resolution bathymetry.

The R/V Ocean Seeker is based at Kraken facilities in Dartmouth, Nova Scotia. The Ocean Seeker is a state of the art 72-foot high-speed Catamaran Survey vessel which holds the Kraken KATFISH, Tentacle Winch, and ALARS. Due to the KATFISH’s ability to process SAS data in real-time, data will be instantly viewable onboard the vessel during the survey and any cable or rock berm anomalies identified will be geolocated providing the ability to collect additional data as needed. During these survey operations, the Ocean Seeker will perform 12-hour daily operations of the SOBI submarine cables.

Short-Term Technical Rank - 30

KRKNF has a Short-Term Technical Rank of 30. Find out what this means to you and get the rest of the rankings on KRKNF!

Kraken Robotics Inc is a Canada based company engaged in the design, manufacture, and sale of software-centric sensors and underwater robotic systems. It operates in the business segments of Sensors and Platforms which is the design, manufacture, and sale and provision of services for underwater sonar and laser scanner sensor equipment and underwater vehicle platform; and Power which is the design, manufacture, and sale of subsea power equipment such as drives, thrusters, and batteries. A majority of the revenue is derived from the Sensors and Platforms segment. The company products include AquaPix InSAS, KATFISH, ThunderFish, Tentacle Winch, and others. Geographically, the group operates in Canada, the United States, France, Italy, Israel, the United Kingdom, Germany, and other countries.

You May Also Like

Get the InvestorsObserver App

InvestorsObserver App
iOS App Android App