Kraken receives $1.8M Funding to Develop Mooring Chain Laser Inspection Sensor

Headquartered in St. John’s, Newfoundland, Kraken Robotic Systems Inc., has been awarded funding for the development of a mooring chain laser inspection sensor, for use in offshore oil and gas applications. The company is a marine technology company that is dedicated to the production and sale of software-centric sensors and underwater robotic systems. The investment follows successful trials with Husky Energy (Husky), Kraken’s wholly owned subsidiary.

The press release disclosed the funding details. Under the project, a total of $1.8 million of funding is being provided in cash and in-kind services from Husky ($1.26M) and the Government of Newfoundland and Labrador, through the Innovation and Business Investment Corporation ($540,000). The project cash component received by Kraken will be $720,000.

Kraken and Husky had collaborated last year to test Kraken’s SeaVision® 3D underwater laser imaging system. Kraken’s SeaVision® technology could complete an inspection of a mooring chain and provide all the specifications required by the regulators. Now Kraken plans to work with Husky to address remaining technology gaps identified, with a view towards future commercialization of SeaVision® as a contactless inspection tool for the offshore oil and gas industry.

Karl Kenny, Kraken’s President & CEO said, “Kraken is developing a SeaVision® 3D laser scanning service that has the potential to reduce overall operational risk and costs. The service will provide an efficient contactless measurement process that produces the required class measurement and the 3D digitalization of the FPSO mooring chains. SeaVision® can address the local and global mooring chain inspection market needs for both the oil and gas and offshore floating wind power industries. Upon project conclusion we expect to have an effective, underwater 3D laser scanning service, qualified with international classification society standards (i.e., DNV), that adds significant value for subsea asset integrity inspections.”