Kraken Robotics Announces $3 Million Boulder Detection Survey Contract for Offshore Wind Farm Project in Europe

ST. JOHN'S, Newfoundland and Labrador, Oct. 19, 2023 (GLOBE NEWSWIRE) -- Kraken Robotics Inc. ("Kraken" or the "Company") (TSX-V: PNG, OTCQB: KRKNF) announces it has received a $3 million contract to carry out boulder detection subsea survey services as part of an Offshore Wind Farm Project, located in Europe.

Kraken's contract scope includes mobilisation of a dedicated survey vessel, deployment of optimal sub-bottom survey equipment, and expert personnel to provide specialist engineering design support to de-risk the installation of the project's two large offshore substations. This survey campaign will be executed in Q4 2023 with Kraken's Acoustic Corertm technology providing accurate, high resolution 3D imaging of twenty-four sub-seabed cores, with the cores placed to maximise coverage over the foundation leg locations.

Greg Reid, President & Chief Executive Officer, stated, "Kraken is proud to be involved in this important renewable energy project, which further reinforces the growing demand for our expert sub-seabed survey capabilities in providing valuable knowledge and highly specialized technologies to support energy transition."

Key to enabling this award, Kraken's Acoustic Corertm technology was chosen for this type of subsea survey project for its unique and proven ability to locate boulders of 0.3 meters and larger within the seabed's subsurface. As the Acoustic Corer operates statically and is deployed on the seabed, positional accuracy to identify boulders and other hazards is greatly improved. This also enables it to operate in higher sea states, compared to other surface-towed sub-bottom sensors, which makes it ideal for surveys carried out during challenging winter environments.

About Kraken's Acoustic Corertm Technology:
The Acoustic Corertm is a subsea surveying technology that interrogates the sub-seabed to optimize offshore installation programs. Its capabilities include buried boulder identification and support for foundation location selections and foundation engineering design. The Acoustic Corertm fills the gap between current geophysical and geotechnical site investigation methods by providing a 3D acoustic core 14 meters in diameter penetrating up to 60 meters into the sub-seabed. View LINK for more details.

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.

LINKS:
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Certain information in this news release constitutes forward-looking statements. When used in this news release, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "seek", "propose", "estimate", "expect", and similar expressions, as they relate to the Company, are intended to identify forward-looking statements. In particular, this news release contains forward-looking statements with respect to, among other things, business objectives, expected growth, results of operations, performance, business projects and opportunities and financial results. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Such statements reflect the Company's current views with respect to future events based on certain material factors and assumptions and are subject to certain risks and uncertainties, including without limitation, changes in market, competition, governmental or regulatory developments, general economic conditions and other factors set out in the Company's public disclosure documents. Many factors could cause the Company's actual results, performance or achievements to vary from those described in this news release, including without limitation those listed above. These factors should not be construed as exhaustive. Should one or more of these risks or uncertainties materialize, or should assumptions underlying forward-looking statements prove incorrect, actual results may vary materially from those described in this news release and such forward-looking statements included in, or incorporated by reference in this news release, should not be unduly relied upon. Such statements speak only as of the date of this news release. The Company does not intend, and does not assume any obligation, to update these forward-looking statements. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

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For further information:

Stephen Griffin, Group Marketing Manager
[email protected]

Joe MacKay, Chief Financial Officer
(416) 303-0605
[email protected]

Greg Reid, President & CEO
(416) 818-9822
[email protected]

Sean Peasgood, Investor Relations
(647) 955-1274
[email protected]