On the 21st of September, 2017, Kaken Robotics Inc. (TSXV:$PNG) announced that its subsidiary, Kraken Robotics Systems Inc. was awarded a contract, which had an estimated value of over $2,000,000. The contract detailed the delivery of advanced sensors, underwater robotics, and software, all of which is expected to be completed 4Q, 2017. Further details concerning the contract were deemed as confidential.
According to the Kraken President and CEO, Karl Kenny, the company was delighted to be awarded such a contract as they had recently “made a series of prudent investments in people and technology to advance the performance and affordability of our sensors and underwater robotics.”
Kenny also said, “It’s increasingly evident by our recent contract awards that these investments are paying off. The proven capabilities and reliability of our solutions provide our customers with a true technological edge for subsea survey applications in the Unmanned Maritime Vehicle (UMV) industry.”
It is clear that due to military, commercial and scientific research applications, the global UMV market is advancing rapidly. Similarly, the commercial sector is expected to experience major growth from oil and gas operators, despite the outrageous oil prices. When looking at the company’s renewable energy sector, the future seems to be promising as operators start to understand the potential benefits, financial assets, and savings which can be gained from using robotics for underwater inspections.
According to research, which was conducted by Grace Market Data, they estimate that the cumulative capital expenditure of US$66.9 billion will be spent. The amount will be a direct result of the increase of international adoption of; Remotely Operated Vehicles (ROVs), Autonomous Underwater Vehicle (AUVs), and Unmanned Surface Vehicles (USVs).
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