Kraken Robotics (KRKNF) shares drop despite new $ 0.6 million robotics service contract for submarine cable study
What’s going on with Kraken Robotics?
Shares of Kraken Robotics Inc. (KRKNF) fell after âCanada’s Ocean Companyâ 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. KRKNF shares were 2.58% and were trading at $ 0.43 per share on Monday afternoon.
The $ 598,871 contract for the cable, which carries electricity to Newfoundland from Labrador, was selected after a competitive bidding process and will be executed in the third quarter of this year. Kraken will deploy its towed SAS sonar system KATFISH, 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 Cable Passage (SOBI) consists of three HVDC cables installed in three HDD cable conduits on either side of the SOBI which protect the cable from icebergs. Each cable is routed along the seabed between conduit outlets on the seabed at Shoal Cove in Forteau Point, Newfoundland and Labrador.
The contract calls for Kraken to inspect all three cables along the crossing. Each cable route is approximately 31 kilometers long, with 27 kilometers lying on the seabed and four kilometers protected by cable conduits. Kraken Synthetic Aperture Sonar (SAS) technology will provide NALCOR with ultra high resolution 3cm seabed images and 25cm resolution 3D bathymetry.
The R / V Ocean Seeker is based at the Kraken facility in Dartmouth, Nova Scotia. The Ocean Seeker is a state-of-the-art 72ft high-speed catamaran research vessel that contains the Kraken KATFISH, Tentacle Winch and ALARS. Due to the ability of KATFISH to process SAS data in real time, the data will be instantly visible on board the vessel during the investigation and any cable or rock berm anomalies identified will be geotagged allowing additional data to be collected. if necessary. During these survey operations, the Ocean Seeker will perform daily 12 hour operations on SOBI submarine cables.
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Kraken Robotics Inc is a Canadian company engaged in the design, manufacture and sale of software-centric sensors and underwater robotic systems. It operates in the sensors and platforms business segments, namely the design, manufacture, sale and provision of services for underwater sonar and laser scanner sensor equipment and vehicle platform under -marine; and Power which is the design, manufacture and sale of underwater electrical equipment such as drives, thrusters and batteries. The majority of revenue comes from the Sensors and Platforms segment. The company’s 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.