- Kraken Robotics (TSXV:PNG) has completed its acquisition of 3D at Depth Inc., a subsea services company specializing in high-resolution LiDAR imaging and measurements
- The acquisition, valued at US$17 million in cash, positions 3D at Depth as a wholly owned subsidiary of Kraken
- Kraken expects the demand for 3D at Depth’s data solutions to increase, particularly as offshore operators embrace digital twin technology
- Kraken Robotics stock (TSXV:PNG) last traded at C$2.46
Kraken Robotics (TSXV:PNG) has completed its acquisition of 3D at Depth Inc., a subsea services company specializing in high-resolution LiDAR imaging and measurements. The acquisition, valued at US$17 million in cash, positions 3D at Depth as a wholly owned subsidiary of Kraken.
3D at Depth, headquartered in Longmont, Colorado, with offshore service operations in Houston, Texas, and satellite offices in Norwich and Aberdeen, U.K., will continue to operate under the Kraken brand. This transition aims to enhance Kraken’s suite of synthetic aperture sonar and sub-bottom imaging technologies, providing a comprehensive range of subsea intelligence solutions.
“Our combined solutions are complementary, enabling us to provide best-in-class technologies to our global customer base across the commercial, defense, and marine research sectors,” Kraken’s president and CEO, Greg Reid said in a news release.
Kraken expects the demand for 3D at Depth’s data solutions to increase, particularly as offshore operators embrace digital twin technology. 3D at Depth serves a blue-chip global client base across various sectors, including offshore oil and gas, nuclear, hydroelectric industries, defense and security, and marine science and research fields.
Since 2017, Kraken has been developing its SeaVision systems, funded through product sales, government project funding, and commercial service contracts with major oil and gas operators. These systems have acquired extensive subsea data for customers across multiple countries, including Brazil, Canada, Denmark, Estonia, Germany, Nigeria, Norway, and Poland.
3D at Depth’s underwater LiDAR technology can complement Kraken’s SeaVision suite by providing extended range capabilities, particularly in challenging water depth conditions exceeding 300 metres, 3D at Depth also offers unique capabilities such as non-contact vibration and temperature measurement, and expertise in remote operations, enabling scalable, fully remote metrology solutions.
With this combined capability, Kraken and 3D at Depth now offer customers a “best-of-breed” toolbox for subsea optical metrology and asset integrity measurement. Kraken will also expand its service and rental pool, featuring the largest fleet of proprietary subsea optical LiDAR systems in the industry, with more than 20 sensors available and additional units in production to meet growing customer demand.
Kraken is a marine technology company providing complex subsea sensors, batteries and robotic systems.
Kraken Robotics stock (TSXV:PNG) last traded at C$2.46.
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(Top photo via Kraken Robotics.)
