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St. John's-based Kraken drills deeper into oil and gas industry

Kraken Sonar Inc. president and CEO Karl Kenny says the company will begin to engage in more robotics as a service business, as a revenue stream for the five-year-old marine technology company specializing in sonar and sensors for use in the military and commercial applications.
Kraken Sonar Inc. president and CEO Karl Kenny. — Telegram file photo

Newfoundland company awarded $750K contract

Kraken Robotics Inc. has been awarded a $750,000 contract to develop underwater sensors and robotics that will advance digitalization of integrated operations in the province’s offshore oil and gas sector.

Under the agreement, Kraken will integrate its SeaVision 3D laser imaging sensor and underwater robotics technologies with a cloud-based data analytics infrastructure that will aid in multiple facets of subsea asset management.

“The rapid progression of technology such as sensors, robotics, big data and predictive analytics offer oil and gas operators the ability to digitize and automate high-cost, dangerous and error-prone tasks,” Kraken CEO and president Karl Kenny stated in a release. “While digitalization offers many potential benefits in the upstream value chain, some of the biggest opportunities are in integrated operations, such as reducing unplanned downtime by enhancing asset integrity management."

Funding for the project comes by way of Petroleum Research Newfoundland and Labrador (PRNL), Innovate NL and other industry partners.

This project is consistent with our member's pursuit of opportunities to gain a competitive advantage by harnessing new technologies to improve operational efficiencies, increase cost savings, improve real-time understanding of operations and the environment and reduce risk within Newfoundland and Labrador's offshore environment,” PRNL CEO Alan Clarke stated.

A white paper published by the World Economic Forum earlier this year suggests that digitalization of the industry could unlock $1.6 trillion of value and reduce carbon dioxide-equivalent emissions by roughly 1,300 tonnes, saving about 800 million gallons of water and avoiding oil spills equivalent to about 230,000 barrels of oil.

The yearlong contract is set to conclude in the fourth quarter of 2018.

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