Hogan Retires from OceansAdvance
appointed Executive Director, brings over 17 years of experience in the ocean technology sector from both private industry and the public sector. Having previously worked as an Economic Development Officer with the government of Newfoundland & Labrador and, more recently, with Kraken Robotics and PanGeo Subsea, Shelly is well-equipped to lead OceansAdvance into its next chapter. Her extensive professional relationships and past experiences will contribute to the growth of the ocean technology sector and position the province as a leader in the ocean sector."I am so excited to join OceansAdvance
Kraken Robotics Reports Strongest Quarter in History
this demand wave. Our second largest market, offshore wind, has seen continued solid demand for sub-seabed services. The offshore wind and offshore oil and gas market represents 15-20% of our overall revenue stream.”During the quarter, the company eliminated most of its long-term debt including the PanGeo acquisition debt, and almost doubled its credit facilities to $12 million.“We believe we have all the cash we need to execute on our business plan, and expect cash balances to improve as orders are executed and we hit various payment milestones,” Reid said.Q3 2023 Financial Highlights
Kraken Robotics Appoints Adu as Head of Services Business
Canadian marine robotics company Kraken Robotics Inc. said Tuesday that Lynne Adu will take over leadership of Kraken’s Services business, expanding her current role as Vice President of Commercials at Kraken. In 2018, Adu joined PanGeo Subsea as General Manager and VP Commercial. Based in Aberdeen, Scotland, Adu has an MBA and more than 25 years of experience in a variety of management roles in offshore oil and gas and offshore services.Kraken is also announcing the retirement of Moya Cahill, previously Kraken’s EVP of Services as well as co-founder of PanGeo Subsea. Greg Reid
Kraken Robotics Reports Strong Q2
80% in the quarter compared to Q1 2023.Gross margin in Q2 2023 was 57% compared to 45% in Q2 2022 and increased due to the sale of higher margin products during the quarter compared to the prior year. Adjusted EBITDA for the quarter was $3.0 million.During the quarter it was determined that PanGeo (acquired in July 2021) would not meet its second earn-out under the terms of the Share Purchase Agreement. As a result, the company recorded a gain on the extinguishment of contingent consideration of $4.0 million and recorded an impairment of goodwill $2.8 million. Net income in the quarter
Kraken Robotics' 3Q Revenue on the Rise
marine robotics specialist Kraken Robotics saw its third quarter 2022 revenue grow to $12.3 million compared to $5.1 million in the prior year.The company said Tuesday that its revenue growth was driven by the continued delivery to the Royal Danish Navy on multiple minehunting systems, the addition of PanGeo services, and the delivery of our SeaPower battery products. Year-to-date revenue is $32.1 million compared to $10.6 million in the first nine months of 2021.Gross margin in the quarter was 36.0% compared to 38.5% in the prior year. Year to date gross margins are 39.4%, Kraken said.Adjusted EBITDA
Kraken's PanGeo Subsea Completes Over $5 Million of Sub-Bottom Imager Projects
PanGeo Subsea, a subsidiary of Canadian marine robotics company Kraken Robotics, has completed over $5 million in Sub-Bottom Imager (SBI) projects year-to-date. This includes over 1,500 km of depth of burial (DOB) surveys that have a cumulative 2022 contract value of over $3 million. These surveys have supported the development of offshore wind farms in the US, Irish Sea, North Sea, Baltic Sea, and off the coast of Taiwan, the company said."The SBI is the industry preferred technology for pre and post-cable lay surveys. SBI campaigns in 2022 have included ROV-based surveys using ROVs
Record Year for PanGeo Subsea's Acoustic Corer
Canadian marine robotics firm Kraken Robotics said Friday that its PanGeo Subsea was celebrating a record year of contracts valued over $8 million for its Acoustic Corer.Kraken said PanGeo Subsea was near completion of Acoustic Corer ("AC") contracts valued at over $8 million in 2022, so far."This has been the AC's busiest year since its commercialization in 2011, supporting surveys in the US, North and Baltic Seas," Kraken Robotics said.Earlier this year, PanGeo was awarded a $5 million contract in the US to support a major oil platform decommissioning survey. The scope
Kraken's PanGeo SubSea Completes Acoustic Corer Survey off the Dutch Coast
Kraken Robotics said that its PanGeo Subsea subsidiary completed an acoustic coring (AC) campaign for ONE-Dyas in the North Sea, the company's second AC survey at ONE-Dyas's GEMS development, supporting foundation engineering of the N05-A gas platforms.The campaign took place during the summer aboard the M/V Dina Star. PanGeo was the prime contractor for the project. The scope of work was to acquire an acoustic core at each of the 6 legs of the platform foundation, and an additional core centered on the wellhead. PanGeo high-resolution data is designed to identify geohazards such as
Rovco Nets UXO, Seabed Survey Deal at Dutch Offshore Wind Farm
of the same size and signature, as well as generate full 3D models of UXO items in situ and in real-time. Credit: Rovco The project will utilise the DPII vessels Glomar Wave and VOS Star across two phases, deploying Rovco’s Seaeye Leopard WROV fitted with SubSLAM X2 technology and PanGeo Subsea’s Sub-Bottom Imager, to identify subsurface targets and generate full 3D models of UXO items in situ and in real-time during investigation. CrossWind, a joint venture between Shell and Eneco, received the permit for the Dutch offshore wind farm in 2020, and selected Van Oord as
February 2024
