Strategic Partnership Will Design, Develop and Supply Innovative Sensors and Robotic Systems for the Global Oil & Gas Industry
ST. JOHN’S, NEWFOUNDLAND - (Marketwired – June 09, 2016) – Kraken Sonar Inc. (TSX-V: PNG) is pleased to announce that its wholly-owned subsidiary, Kraken Sonar Systems Inc. has signed a strategic partnership agreement with Square Robot, Inc. for the design, manufacture and support of advanced sensors and robotic systems for confined area inspection applications used by the worldwide oil and gas industry.
Headquartered in Boston, Massachusetts, Square Robot, Inc. is a privately-held robotics company recently formed by Eric Levitt, Dr. Jerome Vaganay and William O’Halloran, former Bluefin Robotics Corporation executives. Square Robot is building a service-based business for confined area inspection applications. Working in conjunction with Square Robot, Kraken will co-develop a series of innovative robotic devices that will use advanced acoustic, optical and laser sensors to conduct remote inspection of confined area assets used by the global oil and gas industry.
William O’Halloran, Square Robot founder said, “Robots are transforming many industries. Square Robot and Kraken bring together technological capabilities, intellectual property and expertise to create an innovative robotic platform capable of significantly improving confined area inspection applications.”
Karl Kenny, Kraken’s President and CEO said, “We are delighted to be teaming up with Square Robot, whose founders have proven capability and expertise in industrial robotics. Both companies believe that small, agile robotic inspection systems will bring about considerable improvements for assessing the condition of key oil and gas assets. Integrating advanced sensors onboard these robots increases the precision of measurement and the quality of the resulting data.”
Under the terms of the strategic partnering agreement with Square Robot, Kraken expects to be awarded an initial contract for sensors, software and systems development within 60 days and will also become a minority shareholder in Square Robot. Longer term, Kraken will be the exclusive manufacturing and product support partner to Square Robot and expects to work with Square Robot on the development of additional robotic systems for other inspection applications.
Kraken plans to utilize intellectual property from its KATFISH platform as well as the underwater robotics technology it acquired from Marine Robotics Inc. including the SQX-500 vehicle. The SQX-500 is a hydro-dynamically stable platform designed for hovering operations. Robust hovering capability is a critical design requirement for inspection of many confined areas.
THE OPPORTUNITY FOR INSPECTION ROBOTS IN THE OIL & GAS INDUSTRY
Increased demand for automation is a key driver of the global industrial robotics market. Many dull, dangerous or dirty tasks can be accomplished using industrial robots. The major trends in the global robotics market include advancements in micro-navigation systems, machine learning and component miniaturization; omnipresence of the Internet; and the rise of handheld devices like laptops, smartphones and tablets.
Inspection robots play an important part in the oil and gas industry by undertaking the invaluable role of inspection, monitoring, and surveillance of complex structures. The use of these robots reduce human intervention, increase operational efficiency and enhance safety while reducing cost.
ABOUT SQUARE ROBOT, INC.
Based in Boston, Massachusetts, Square Robot, Inc. is a privately-held company founded in 2016 to provide innovative robotics solutions to the worldwide petrochemical industry. Square Robot’s objectives are to enhance the value chain for confined space inspection with autonomous robotic systems that increase safety and minimize human risk. Additional benefits include reduced operational downtime and operating costs. For more information, please visit www.squarerobots.com
ABOUT KRAKEN SONAR INC.
Kraken Sonar Inc. (TSX.V:PNG) is an industrial technology company, founded in 2012, that is dedicated to the production and sale of Synthetic Aperture Sonar, sensors and underwater robotics. The Company's products are sold to leading defence contractors, commercial survey companies and research institutions for acquiring real-time, ultra-high resolution seabed data. For more information, please visit www.krakensonar.com.
Neither the TSX Venture Exchange Inc. nor its Regulation Services Provide (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information, please contact:
Sean Peasgood, Investor Relations
Greg Reid, Chief Financial Officer
Glenda Leyte, Marketing Manager
(709) 757-5757 extension 288
William O’Halloran, Founder