Mr. Joe MacKay reports

KRAKEN MAINTAINS STRONG Q4 SERVICE UTILIZATION WITH RECORD NUMBER OF SURVEY AWARDS

Kraken Robotics Inc. received multiple survey service orders in Q4 to support offshore energy and infrastructure projects allowing the company to maintain strong utilization.

These offshore project surveys valued at approximately $5-million include:

1. Cable and pipeline depth of burial support in the Mediterranean Sea;
2. Cable depth of burial assessment along a North Sea subsea interconnector cable;
3. Cable burial assessment surveys within an offshore wind farm in the German North Sea;
4. Cable burial assessment survey within two offshore wind farms off the coast of Taiwan;
5. Buried boulder survey and analysis offshore Germany for wind farm foundation locations.

Given recent announcements such as Kraken's $3-million Katfish SAS survey contract (starting in Australia in Q1 2024) and a $1-million buried subsea pipeline survey (starting in the Americas in Q1 2024) as well as other projects which commence late in 2023, the company is expecting a busy start to the next calendar year. With a skilled employee base operating out of offices in the Americas and Europe, this year Kraken has addressed survey opportunities as far away as Italy, Taiwan and Australia. Demand for its services, which enable high-resolution images of the subseabed and seabed, continues to be strong, only limited by availability of equipment and operators.

Kraken has earned the trust of its customer base across offshore wind, offshore energy, defence and marine infrastructure for challenging projects. For the cable depth of burial market (ensuring subsea power cables have been properly buried for offshore wind farms) Kraken is one of few companies with technology that can image live cables and it can image much deeper than competitive technologies.

About Kraken's Sub-Bottom Imager technology

The Sub-Bottom Imager uses state-of-the-art beam-forming SAS arrays, providing a real-time 3-D view of the subseabed. The SBI identifies buried objects, anomalies, geohazards and stratigraphy, acquiring data in a continuous 3-D acoustic swath, a minimum of five metres wide (at the seabed) and penetrating to five metres below the seabed. Applications include depth of burial, out of straightness, debris locations, unexploded ordnance and decommissioning surveys.

About Kraken Robotics Inc.

Kraken Robotics is a marine technology company providing complex subsea sensors, batteries and robotic systems. Its high-resolution 3-D acoustic imaging solutions and services enable clients to overcome the challenges in the oceans -- safely, efficiently and sustainably. Kraken Robotics is headquartered in Canada and has offices in North and South America and Europe. Kraken is ranked as a top 100 marine technology company by Marine Technology Reporter.

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