Kraken Selected for Mine Hunting Upgrade Program

Kraken Robotics has been chosen as the successful bidder on a program for the acquisition of new sonar systems for an unnamed international navy.

The navy customer has notified Kraken that it intends to enter into a contract with the company after the expiration of a standstill period.

This was a competitive bid process for upgrades of the customer’s mine-hunting equipment. Kraken was one of four companies whose offers were received and evaluated and all four bidders have been notified of the result.

Under the program, Kraken will deliver the KATFISH towed synthetic aperture sonar as well as autonomous launch and recovery systems (ALARS) to the customer.

The total contract value is expected to be approximately CAD35 – CAD40 million, with the majority of that received over a 2 year equipment acquisition phase.

Final contract signing with Kraken is subject to several factors including the expiry of the standstill period, on October 14, 2019, and Kraken entering into an industrial offset contract with the government business agency.

In addition, the contract signing is subject to political approval, including approval by the Finance Committee of the customer’s Parliament.