On April 9, 2021, Kraken Robotics announced that it has entered into a non-binding letter of intent (an “LOI”) for the proposed acquisition of PanGeo Subsea Inc.
This acquisition would make Kraken a global leader in ocean technology in the areas of subsea and sub-seabed imaging. Kraken would benefit from a number of synergies and advantages. PanGeo would provide a broader foundation for Kraken to build a significant recurring revenue stream from a provision of reduced carbon emissions survey services.
Karl Kenny, Kraken President and CEO said “We believe that this potential acquisition would complement Kraken’s existing products and services with a stronger base of recurring revenues. As in the past, we expect PanGeo and Kraken will continue to work with many offshore service companies that prime these jobs and integrate specific scopes of work from various sub-contractors.”