Kraken Books $1.6M in Q3 Revenues

Newfoundland-based marine technology company Kraken Robotics said it has generated revenues for the three months ended September 30, 2017 of $1.6 million, compared to $0.9 million same time last year.

Revenues during the quarter related to delivery of the company’s AquaPix MINSAS sensor product to two European defense customers, first revenues from its Robotics-as-a-Service offering with OEX Recovery Group, first revenue from a sea trial with a defense contractor, and Kraken Robotik GmbH’s first revenues (for a 6,000-metre rated 3D laser/optical imaging system).

Kraken reported net income for the quarter of $0.1 million, versus net income of approximately $0 in the year-ago quarter.

The company said it expects strong growth in Q4 and 2018 based on recently announced contracts, including a $3-million sensor contract with Ocean Infinity and $2-million contract with an unnamed customer for an underwater robotic solution

In addition, Kraken has made R&D investments for new product development, marketing, and business development and said it expect this to continue in 2018.

“The third quarter was a solid quarter for Kraken,” said Karl Kenny, president and CEO of Kraken. “Year-to-date, we have received contracts totaling more than $7 million, which is more than triple our 2016 revenue. The new product introductions and business development efforts made over the last 18 months are starting to pay off with further customer engagements, new strategic alliances and additional market access. We expect this positive momentum to continue through the end of 2017 and into 2018 as we are actively bidding on significant new business across all of our market segments.”

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6th Offshore Well Intervention Conference Gulf of Mexico

The Offshore Well Intervention Gulf of Mexico conference (OWI GOM) is returning to Houston, Texas for its sixth year on Wednesday 20 – Thursday 21 November.

Featuring Anadarko, BP, Shell, Chevron, BHGE and Oceaneering, the conference aims to help operators transition to the latest compliance updates, WI systems and business models that enhance safety, quicken well access and improve commerciality.

Across two days, more than 200 delegates, 15 exhibitors and 30 speakers will network together and create solutions to some of the most pertinent industry challenges right now, through a conference programme focused on:

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  3. ​Understanding HPHT well intervention (systems)
  4. Forecasting well intervention activity, discussing new commercial models and comparing platform options
  5. Best practice riserless well intervention
  6. ​The latest well intervention equipment

For registration, speaking or sponsorship enquiries contact Abigail Clifton on aclifton@offsnet.com; +44 (0) 203 793 8800.

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