Kraken Awarded $3 Million Seabed Survey Contract

ST. JOHN'S, Newfoundland and Labrador, Nov. 29, 2023 (GLOBE NEWSWIRE) -- Kraken Robotics Inc. (TSX-V: PNG, OTCQB: KRKNF) has been awarded a $3 million contract to supply high-resolution seabed mapping services (Robotics as a Service or RaaS) to a survey operator, in support of an unnamed navy customer. Under the scope of the contract, Kraken's KATFISHtm high-speed seabed intelligence solution will be used to acquire high-resolution seabed maps of various ports and harbours, as well as route survey datasets to support maritime domain awareness. The survey campaigns will take place between January and May 2024 and includes real-time processing for in-situ delivery of high-resolution data products to customer representatives onboard. Kraken may provide further details in the future when approved by the end user.

ABOUT KATFISH
The KATFISH is a high-speed seabed survey system providing ultra-high resolution seabed imagery and bathymetry for defense and commercial customers. The acoustic imagery and bathymetry collected by KATFISH systems provides customers with actionable intelligence about subsea assets and infrastructure such as subsea pipelines and fiber optic cables, as well as important hydrographic information about the safety of key transit routes for ocean going assets. Kraken has integrated KATFISH to a variety of manned and unmanned vessels of opportunity, providing both standalone turnkey seabed mapping as well as optional integration to a customer's combat mission management systems.

ABOUT KRAKEN ROBOTICS INC.
Kraken Robotics Inc. (TSX.V:PNG) (OTCQB: KRKNF) is a marine technology company providing complex subsea sensors, batteries, and robotic systems. Our high-resolution 3D acoustic imaging solutions and services enable clients to overcome the challenges in our oceans - safely, efficiently, and sustainably. Kraken Robotics is headquartered in Canada and has offices in North and South America and Europe. Kraken is ranked as a Top 100 marine technology company by Marine Technology Reporter.

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For further information:

Jack North, Marketing
[email protected]

Joe MacKay, Chief Financial Officer
(416) 303-0605
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Greg Reid, President & CEO
(416) 818-9822
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Sean Peasgood, Investor Relations
(647) 955-1274
[email protected]