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Not bad but the net loss gives an excuse to MMs to take a morning dip
It would help if the US side had better newsfeed exposure on releases
Very strong numbers, especially with the lag from building inventory and the inevitable bulge in accounts receivable during rapid scaling
All in, the future is extremely bright for Kraken and they’ve validated their scalability from a small custom part supplier to a major defense contractor AND a world leader in a very hot subsea services sector
spec
Good strategy since it always seems to dip.
Downward revisions in earnings expectations by the 2 analysts that cover Kraken Robotics combined with a big market dip = lowered trade range
If you like the future prospects of Kraken, buy the dip
not rocket science
They're getting "world class" wins in military contracts and subsea construction (renewable energy and cable/pipeline surveys)
It'll run hard if/when the good numbers start flowing in
almost there, situational awareness and patience are the key
spec
LOL, good to know
I guess I was fooled by all the pretty pictures
If your astute observation is correct, it follows that the clients must all be idiots too
Everything we needed to know about this company in 4 words
Sure saves a lot of time on DD
spec
This company sucks seaweed.
Board like a ghost town just like the stock performance.
A good follow-up story from Kraken or the Couvillion Group on the results of this project will be a booster in the future
some visualizations in presentation form would be excellent! Are you listening Kraken??
That's basically SONAR in a nutshell, the magic is all in the "listening"
spec
PanGeo Subsea, a Kraken Robotics Company, Awarded $5 Million Decommissioning Campaign from Couvillion Group
V.PNG | 48 minutes ago
ST. JOHN’S, Newfoundland and Labrador, March 30, 2022 (GLOBE NEWSWIRE) -- PanGeo Subsea, a wholly owned subsidiary of Kraken Robotics Inc. (TSX-V: PNG, OTCQB: KRKNF), Canada’s Ocean Company™, is pleased to announce the award of a $5 Million Acoustic Corer™ contract in the US Gulf of Mexico. Couvillion Group issued this decommissioning project to PanGeo for commencement in Q2, 2022. This 90-day campaign is the largest Acoustic Corer™ project undertaken by the Company to date.
In 2004, a storm induced mudslide caused an offshore jacket to topple. The jacket has been lying on the seafloor in 150 meters of water with the subsea conductors buried under 60 meters of mud. PanGeo will use its high-resolution sub-seabed imaging technology to identify where the conductors are located in the debris field to provide valuable information to enable the planning of the plug and abandonment of the well.
In addition to this debris survey, PanGeo has recently been issued a Letter of Intent for a multi-million-dollar Acoustic Corer™ campaign (50 days) for an offshore wind farm in the Baltic where it will be imaging boulders in the sub-seabed mitigating the risk for pile refusal.
Other technologies in the PanGeo services portfolio include the ROV mounted Sub-Bottom Imager™ and the Remotely Operated Towed Vehicle the SeaKite™. These technologies acquire sub-seabed 3D acoustic synthetic aperture sonar to resolutions better than 10 cm.
Management Comments
Moya Cahill, PanGeo’s CEO said, “the Acoustic Corer™ delivers a unique solution to the industry that has been tried and proven by the Couvillion Group in a demonstration project in 2019. We are truly excited to return to this site and work with the Couvillion team to complete a full site investigation of the debris field.”
“We believe that PanGeo has the key to unlock the unknowns below the seafloor that will ultimately enable a successful plug and abandonment of the well”, said Couvillion Group’s CEO, Timmy Couvillion
KRKNF climbing through .38 now
Climbing out, wheels up
$.34
The hidden beauty of these military contracts is that when the hammer comes down and budgets get suddenly amped up (as they are now) ..
The military doesn't sit on cash, they spend it ... fast
so the contractors in the current pipeline are easy places to push it
"uhhh, those KBAX32s that we ordered 2 with option for 10 more... yeah ... OK, change that to 35 and 10"
Most noteworthy - I think the autonomous components will dominate a huge sector of military going forward
RAAS - unsung now, we'll be hearing a lot more good news via the PanGeo group
spec
Polish Navy has Katfish and Tentacle ALARS on their Mine Countermeasure Vessels
https://defence24.com/armed-forces/navy/polish-navy-procures-more-kormoran-mcmvs
spec
PanGeo (Kraken subsidiary) News
Motive Breaking New Ground with Taiwan Renewables Hub
Motive Offshore Group, which specialises in the design, manufacture, rental and inspection of marine and lifting equipment, has announced the launch of its latest international entity; a dedicated renewables hub located in Tapei, Taiwan, with an operational base near Taichung Port.
This represents the Group’s first facility in the Far East with Eddie Moore making a permanent move to the country as Regional Director of APAC. One of the first companies to support the region’s burgeoning offshore wind market, this move allows Motive to continue to build on their significant presence within the region while simultaneously creating jobs to support the local economy, starting with an initial ten new hires with plans to continue to grow headcount over the coming months.
The base, established to support the Taiwanese offshore wind sector, is Motive’s first dedicated renewables facility, reflecting the Group’s strategy to further consolidate its position within the sector, and ongoing commitment to delivering sustainability for the future.
Since entering the market in 2018, the Group has played an instrumental role in the development and commissioning of every landmark offshore wind project on the island to date, deploying multi-sector solutions to support the local supply chain.
As part of this regional growth strategy, Motive has recently joined forces with two specialist Aberdeen organisations to establish a strategic alliance for the renewables sector in Taiwan; the Subsea Cable Alliance (SCA). The alliance encompasses the expert capabilities of Motive Offshore Group, electrical engineering specialists V-TES Renewables, and marine geophysical-geotechnical service delivery company PanGeo Subsea.
The alliance aims to offer clients the opportunity to trade locally with a single partner, providing niche cable solutions through combined intelligence and capabilities, helping to reduce logistics time and costs, minimise contractual resource, and enhance vessel uptime.
Eddie Moore, Regional Director at Motive APAC:
“Since we began supporting clients in Taiwan in 2018, it was clear they faced challenges managing contracts from Taiwan with suppliers based in Europe.
We saw this as an opportunity to build on our track record of delivering cable handling and lay services by partnering with other companies who play a key role in cable services.
PanGeo Subsea and V-TES Renewables are both companies we know well, our synergies are centred around providing cable solutions through optimum products and services dedicated to subsea cables, along with a priority for customer service and delivery. Our goal is to solve problems, and by coming together to offer a complete solution from a local entity, with a local point of contact, we can make the Taiwanese market a better place for our clients.”
“PanGeo Subsea welcomes the opportunity to work with Motive Offshore Group in support of the new Renewables Hub in Taipei, Taiwan”, says PanGeo’s CEO, Moya Cahill.
“PanGeo has successfully delivered our patented 3D sub-seabed imaging technology for a cable depth of burial survey for the Formosa 2 offshore wind farm, and has already secured contracts for 2022. We look forward to expanding our in-market presence in the Taiwanese offshore renewable sector with the Motive Renewables Hub.”
Mark Gazey, General Manager at V-TES Renewables:
“We are very proud to be part of the Subsea Cable Alliance (SCA) and together we offer a complete solution of tailored cable services ready to be deployed and executed through the dedicated local renewable hub.
V-TES Renewables delivers unsurpassed specialist electrical engineering services to the renewables industry on and offshore. Providing high voltage (HV), fibre, switchgear & rope access expertise, competitive holistic solutions will now be provided to our East Asian client base as part of the alliance.
We are aware of the challenges faced by our clients and partners in a fast-growing market sector and with this in mind we have a collective strategy to provide the best cost-effective solutions available.
V-TES Renewables is part of the Valor Energy Group and follows a set of core values (Courage, Innovation, Honesty and Delivery). These values, along with our Life Saving Rules, will be implemented into every part of the partnership for successful delivery.
As part of the SCA, we are looking forward to working as a collective and solving the challenges of our clients in a smooth and efficient process for many years ahead.”
Read the latest issue of the OGV Energy magazine HERE
The kraken is a mythical, giant sea creature that is said to live off the coasts of Norway and Iceland, emerging from the ocean depths to scare off sailors, fishermen and other seafarers. (It’s also what Seattle calls its new NHL expansion team.)
Far away from Seattle or the Norwegian Sea, in Mount Pearl, Newfoundland, it serves as the name of a 10-year-old ocean-tech company, Kraken Robotics, which is now leading a $20-million commercial project as part of Canada’s Ocean Supercluster.
Kraken Robotics is the ultimate example of the power of the country’s burgeoning superclusters initiative, and how these networks of businesses, academics, researchers, and government agencies working toward a common goal can help propel Canada’s economic prosperity.
In collaboration with its partners, Kraken is developing underwater technology platforms to map the sea floor and has grown from 70 to 210 employees in just over two years. “We have been able to scale up and leverage $10 million from industry, in part, because of doors opened by the Ocean Supercluster,” explains vice-president Bill Donovan.
Absolutely, the revenues should be ramping up nicely on this next report
Defense spending increases due to the Ukraine war might kick in a lot faster than the ordinary procurement cycle in military purchasing
In the US at least, there is often money that can be applied immediately if there is sufficient urgency, then backfilled in the budgeting
spec
This is a long term hold. The contracts are coming in.
Looks like the newest contracts announced today got some interest
They're getting all the burners lit
Hold on
spec
I think this year we will see good fruits come from the deals that have been done already. I really like this company and what kind of business they are in. Its definitely a growing industry with massive market potential. Especially with these international military contracts.
Kraken's Tentacle winch is a pretty cool looking rig and has a hot spec sheet to back up the beauty
Non-welded aluminum - attractive from a few different aspects
Aluminum cuts like butter with CNC either by mill or waterjet, marine grades are essentially maintenance free in a salt spray environment, and elimination of welding avoids the potential failure points created in a weld
Being highly repeatable, mistakes in replication are unlikely, costs are known
Mine hunting and mapping unexploded ordnance are military jobs that are made much safer by the autonomous operation via SeaScout
The low magnetic signature is important from a safety standpoint (mines usually have magnetic triggers), and from an instrument sensitivity standpoint
My past work brushed up against some EOD projects
Had my fill of it the day a coworker failed to pay attention, wandered to the edge of a marked "safe" path, and stubbed his boot toe on a MARKED unexploded shell
No boom, but the yelling went on for several minutes (military EOD guy was PISSED)
But yeah, back to Kraken, their gear is all 5 star hardware ....
..and it shows
spec
Due for some news and a big gap up
One of the few pictures of the Tentacle winch is in this article
https://oceanexplorer.noaa.gov/technology/development-partnerships/18kraken/welcome.html
katfish picture
https://inside.oceanologyinternational.com/2020/06/09/stay-connected-with-kraken-robotics-systems-inc-through-their-social-platforms/
spec
Ocean Supercluster info -
the whole video is good but you can skim through a lot of it (lots of rah rah hot air)
little nuggets of good stuff though, and the business the whole OSC concept of free enterprize teaming with academics and student energy is a winner, IMO
spec
Kraken/PanGeo at the 26.xx something minute mark
Kraken gettin' a shellacking
sheesh, at least they're in good company on a day like today
spec
Spec: Nice analysis
It's going to be nice when Kraken revenues spool up from the Danish Contract and the digital twinning RAAS
If they have the right stuff (and I think they do) the subsea IMR (inspection, maintenance, and repair) market is yuuuuge
It's all about sustaining the operational status of a massive amount of subsea hardware for it's ENTIRE working lifespan
New construction also needs subsea services and Kraken is uniquely positioning itself to reap the harvest of that segment via the PanGeo acquisition (Thayer Mahan, Deep Ocean, others ... watch your six)
The low frequency SAS in the vertical orientation maximizes the penetration (from the low frequency) and the resolution (from the SAS and other processing)
Kraken has grown from a sensor builder to a systems builder to a sector leading supplier and operator
Knock knock
who's there
Stan
stan who?
Stan Back I don't know how big this is gonna get
Kraken is gonna get big
spec
Kraken getting an uptick in the buying pressure
Considering the guidance and the fruits that should be ripening via the RAAS pipeline, both digital twinning and the expansion into the sub-bottom imaging.... the current market cap of $63M USD is value territory
Sub-bottom geo surveys on a large scale are imminent with offshore wind ramping up, both for piles and cable laying
I suspect the digital twinning to be far more applicable to the maintenance end rather than new construction
Mooring inspections, existing hardware of all types, pre/post repair imaging, 3D mapping "as built", etc
We should start seeing the leading edges of the good numbers as the Katfish and other orders become recognized at their respective milestones, especially the final FAT
Let's hope they stay true to their shareholders and fully develop the value before getting purchased by a behemoth
get Kraken
spec
Not at all
with the current military contracts from various international companies, KRKNF fair market value is 2-3 times the current price
Kraken just needs to validate their position as the provider of the best available technology and services in their field
I think they have it but it needs to show on the earnings reports
spec
Do you think the current PPS is a proper reflection of the company value? I figured it should at least be over .5-0
Probably due to a concern that news of the contract award had leaked before the publication of the PR
If there had been a larger than normal trade volume, it might have led to suspicions of insider trading or people trading on insider tips (same thing really)
Avoid the black clouds of suspicion and the hassle of an investigation
Request a halt before open, put out the PR, resume
Just keeping things fair and avoid losing the trust of current shareholders
It’s also possible that they intended to issue the PR before open but had an error or terminology issue that needed to be sorted out by their legal department
If the news had already spread outside of the company in the overnight hours, it would be a prudent measure to request a halt to ensure a level playing field for traders
spec
so what was the point of the self imposed trading halt
Kraken Robotics : Awarded $7.1 Million of Contracts for Offshore Subsea Inspections
11/23/2021 | 11:40am EST
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St. JOHN'S, NEWFOUNDLAND, November 23, 2021 /GLOBE NEWSWIRE/ - Kraken Robotics Inc. (TSX-V: PNG, OTCQB: KRKNF), Canada's Ocean Company™, is pleased to announce that its wholly owned subsidiaries Kraken Robotic Systems Inc. and PanGeo Subsea Inc. have been awarded $7.1 million for two contracts from the Newfoundland Offshore Oil and Gas Industry Recovery Assistance (OOGIRA) Fund. The combined projects valued at $9.2 million will be executed from Q4 2021 through Q4 2022. Kraken and PanGeo's inspection and survey platforms will assist the offshore energy sector to acquire better, faster, and more valuable data. This will enable offshore energy operators to make better-informed decisions regarding asset integrity, enhance energy recovery and reduce carbon emissions during inspection and survey operations. Project details are outlined below.
Fast-3D Inspection DigitalizationProject
Kraken has been awarded $2.3 million in funding as part of a $4.0 million Fast Remote 3D Digital Inspection (FR3DI) Technology Demonstration Project. During the FR3DI project Kraken will demonstrate the inspection of critical subsea infrastructure for Cenovus Energy Inc. and Suncor Energy Inc. using Kraken's SeaVision® 3D underwater laser scanning technology. The offshore demonstration campaign will consist of several inspection scopes of work to create digital twins of subsea infrastructure as prioritized by Cenovus and Suncor. The applications include inspection of infrastructure in the water column and critical seabed assets including flowlines, spider buoys, and manifolds.
Under the project, Kraken will receive approximately $1.0 million in funding for equipment and salaries and will also contribute approximately $0.4 million in equipment and salaries. The remaining $2.6 million of project funding is comprised of operational expenses, materials and consumables and will be supported by OOGIRA and project partners Cenovus and Suncor. Of note, this project avails of joint engineering efforts from Kraken and its recently acquired subsidiary, PanGeo Subsea, leveraging an existing PanGeo sled design with Kraken SeaVision® electronics and significant software integration.
Figure 1: Example of SeaVision base inspection tools for water column assets (left) and marine habitat survey (right)
Karl Kenny, Kraken's President and CEO said, "Over past few years, the term 'digital twinning' has become synonymous with innovation in the offshore energy sector, and vital to corporate strategy as operators seek to take advantage of new and emerging technologies. Sensors, robotics, artificial intelligence and data analytics initiatives are key to enabling real-time information systems. Remote operations in the offshore market provide multiple benefits. These include risk mitigation as more personnel are removed from the offshore environment, significant cost reductions, more flexible and scalable operations, and environmental sustainability as operational carbon footprints can be dramatically reduced."
GeoTrac Project
PanGeo, a wholly owned Kraken subsidiary, in partnership with Memorial University's Fisheries and Marine Institute, has been approved for a $4.8 million contract (total project costs of $5.2M). The GeoTrac project will see the development of a new multi-sensor platform that will acquire high resolution 3D Synthetic Aperture Sonar sub-bottom data as well as soil resistivity measurements for geo-technical and geo-physical analysis to support development of offshore energy projects. Geotechnical and geophysical data will be acquired offshore and processed onshore at a new facility located at the Marine Institute's facility in Holyrood, Newfoundland. The project will contribute approximately $4.8 million to PanGeo for equipment and salaries needed to develop deep-water data collection technology and an onshore data processing facility.
"We are truly excited to collaborate once again with the Marine Institute. With the recent integration of our engineering team with Kraken, we are confident that the increased capacity will deliver an innovative, world-class solution to support deep-water, 3D sub-seabed data collection as well as geo-physical and geo-technical soil resistivity measurements," says PanGeo CEO Moya Cahill.
https://www.marketscreener.com/quote/stock/KRAKEN-ROBOTICS-INC-47302425/news/Kraken-Robotics-Awarded-7-1-Million-of-Contracts-for-Offshore-Subsea-Inspections-37116394/
spec
7.1 mil contract.
IIROC Trading Halt - PNG
11/23/2021 | 08:35am EST
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VANCOUVER, BC, Nov. 23, 2021 /CNW/ - The following issues have been halted by IIROC:
Company: Kraken Robotics Inc.
TSX-Venture Symbol: PNG
All Issues: Yes
Reason: At the Request of the Company Pending News
Halt Time (ET): 8:23 AM
IIROC can make a decision to impose a temporary suspension (halt) of trading in a security of a publicly-listed company. Trading halts are implemented to ensure a fair and orderly market. IIROC is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada.
SOURCE Investment Industry Regulatory Organization of Canada (IIROC) - Halts/Resumptions
© Canada Newswire, source Canada Newswire English
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Yes, that’s what I’m expecting. The CEO has been mentioning all year long that the full year 2021 was going to be double 2020. So we should know by the end of the week.
looks like it was just a burp
oh well, let's see where the quarterly gets us
there should be some significant achievements in there as well as milestone revenues on the military contracts
spec
Whoa, nice. I understand the quarterly report may be out Thursday.
Thanks very much. I appreciate that. Was that $.60 Canadian or US?
There was a block or grouped trade after hours at .60
About 50K shares at that price so someone paid an extra $15K over the closing price for that block
That’s a hefty premium for that MM to cover their short if a stellar financial report is imminent
Festive mood, maybe it’s just the holidays
spec
PS - I shouldn’t have been cryptic in the original message
Can you give any more explanation of what the “ripple in the force” is?
A ripple in the Force has been detected
Monday should get interesting
spec
Interesting one of the board of directors for Kraken (the retired US Navy Vice Admiral) is the CEO of this company: https://www.thayermahan.com/
Check out some of their customers:
https://www.thayermahan.com/customers
I was browsing more over their website and their past news releases. For a smaller company it is rather impressive. The multiple defense contracts they have secured the past couple years if successful is something they can build on in the coming years. Their products are impressive. IMO I see multiple dollars in the future short term.
I know this has dropped a lot in the past few months, but I really believe there is a solid long term future involved with this company. If this small contract with the Canadian Navy works out im sure there will be more down the road. Their tech and product is impressive and will only grown in demand in the future.
Another .5M Cad RAAS contract with the Canadian govt
spec
go to the otc markets website and look them up
Where did you read about “unlimited” authorized shares?
My concern is the unlimited A/S status they have other than that it looks great
Yes, clearly. I think this will be at least a double by Christmas.
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