GeoAcoustics and Ocean Floor Geophysics Collaborate on Single Towfish Side Scan Sonar and Magnetometer Solution
GeoAcoustics Ltd and Ocean Floor Geophysics (OFG) have joined forces to develop a combined side scan sonar and magnetometer system as a single towfish. The new configuration integrates the GeoAcoustics GeoScan side scan sonar with OFG’s Self-Compensating Magnetometer (SCM), bringing acoustic imaging and magnetic detection together in a single streamlined platform for the first time.
The collaboration builds on the high-resolution imaging capability of the simultaenous dual-frequency GeoScan system and the SCM’s unique real-time compensation to address a long-standing operational challenge in marine survey. Traditionally, magnetometers must be towed at a significant distance behind side scan sonars to avoid interference from magnetic components on the towbody. This requires the deployment of two separate towfish, either towed inline one following the other, or on separate cables. These conventional configurations of marine magnetometers increases deck handling complexity, layback management and operational risk, particularly from smaller vessels and USVs
The new configuration integrates the SCM directly onto the tail of the GeoScan side scan sonar via a dedicated stinger assembly. The SCM’s self-compensation capability enables it to operate effectively in close proximity to metallic survey hardware, making true single-towfish deployment possible.
The development also reflects the growing use of uncrewed surface vessels (USV) in hydrographic and geophysical operations. Launching multiple towed systems from a USV presents significant practical challenges and increased operational risks. A single GeoScan towfish integrating the SCM is a simpler configuration lowering risk to remote and autonomous survey operations.
By reducing two towed bodies to one, the system simplifies launch and recovery, improves survey efficiency and enhances operational safety. The solution is particularly relevant for unexploded ordnance (UXO) surveys, where high-resolution seabed imagery and magnetic anomaly detection are routinely required together to identify and classify targets.
“Bringing side scan sonar and a self-compensating magnetometer together in a single towfish represents a significant step forward in survey integration,” said Richard Dowdeswell, Chief Commercial Officer at GeoAcoustics. “We believe the configuration, made possible by OFG’s innovative self-compensation technology demonstrates what can be achieved when two specialist companies collaborate to solve real operational challenges.”
“The SCM was engineered to actively compensate for nearby magnetic influences, which fundamentally changes how magnetometers can be deployed in marine survey,” said Matthew Kowalczyk, General Manager at Ocean Floor Geophysics. “By integrating with the GeoScan platform, we are enabling a compact, single-towfish configuration that is better suited to modern, remote and uncrewed survey operations.”
Beyond UXO detection, the combined system can support cable route investigations, marine construction projects, archaeological surveys and subsea infrastructure inspection, where acoustic and magnetic datasets provide complementary insight.
GeoAcoustics and Ocean Floor Geophysics are currently progressing development of the single-towfish configuration, with availability anticipated in Q3 2026.
FET to deliver series of cutting edge ROVs to DOF
Forum Energy Technologies’ (FET) Subsea product line has secured a contract to provide four of its new generation work class remotely operated vehicles (ROV), the XLX EVO III, to long-term client DOF.
The contract, signed in late August 2025, schedules the delivery of the four ROVs for April, June, July and August 2026 respectively. The first two vehicles will be mobilised in Singapore.
Since 2008, DOF has purchased over 60 ROVs from FET, with this latest sale indicating the continuation of a longstanding partnership of high strategic importance between the two companies.
The XLX EVO III will demonstrate the most cutting-edge Ultra-Heavy-Duty subsea vehicle technology available on the market. Designed to undertake a broad spectrum of underwater tasks, the 3000m ROVs will be equipped with 420mm diameter thrusters for increased through water performance and an improved buoyancy package, facilitating over 500kg of unladen payload.
The XLX EVO III comes with updated pilot chairs and console as well as FET’s next-gen control software, ICE Unity, providing unparalleled response for remote operations and comprehensive data access.
Kevin Taylor, FET’s Vice President Operations – Subsea, said: “This contract reaffirms the strong partnership between DOF and FET, and an order of this scale reflects the confidence DOF places in our subsea technologies. We are excited to see our next generation work class ROV in action next year and look forward to supporting DOF through our customer services team.”
The ROVs will be manufactured at FET’s UK facility at Kirkbymoorside, North Yorkshire, UK and marks the latest in a string of significant contracts for FET this year, signifying strong growth across the subsea industry.
FET’s ROVs are used globally to support underwater industry applications, including in defence, traditional and sustainable energy, telecommunications, mining, aquaculture and academia.
Issued on behalf of FET by BIG Partnership. For more information, please contact Rory Riddoch on [email protected] or +44 7710 305352.
Kongsberg Maritime, Seadrill, and Hanwha Drilling Forge Alliance to Pioneer Remote Dynamic Positioning (DP) Technology
Collaboration to Establish New Standards for Offshore Drilling Safety, Efficiency, and Centralized Operations
Seadrill Limited (“Seadrill”) NYSE: SDRL, a premier offshore drilling contractor, Kongsberg Maritime AS (“KM”), a global technology leader, and Hanwha Drilling a leading provider of offshore drilling services, announced a strategic alliance to develop the next generation of remote Dynamic Positioning (DP) technology in offshore drilling.
This collaboration represents a shared commitment to defining a global operating model for the future of DP operations for the industry. The initiative will develop the technical and regulatory foundations required for the safe adoption of remote DP and establish a new industry standard. By combining Kongsberg Maritime’s automation and communications technologies with the operational expertise of Seadrill and Hanwha Drilling, the partnership will create centralized, repeatable processes that ultimately reduce cognitive load on rig crews, improve decision making, and deliver higher levels of safety, efficiency, and performance at sea.
Johnathan Dady, Director of Rig Innovation and Technology at Seadrill, commented: “Seadrill is committed to leading the industry in adopting technologies that deliver safer and more efficient operations. Implementing remote DP capabilities fundamentally changes how our crews manage dynamic positioning. It will enable our rig teams to focus on what they do best, maintaining a safe, high-performance operation delivering tangible results for our clients. This is the first step on the path to a shift in industry operations, and a change of this scale requires us all to work together to define what it will look like and how it can work for us all. We are excited to be taking the opportunity to be leaders in this space.”
Eivind Alling, SVP, Americas Region and Head of Kongsberg Maritime Inc., added: “This alliance represents a significant step in using advanced technologies to transform the industry. Remote DP isn’t just about moving control; it’s about creating an intelligent operational architecture that uses automation to enhance safety, reduce risk, and sharpen vessel performance. By combining Kongsberg Maritime technology and the operational expertise of two forward-thinking drilling leaders, we aim to set a new benchmark for safety and efficiency in offshore drilling.”
Scott McKaig, CTO / Vice President Technical at Hanwha Drilling commented “Our vision extends beyond today’s fleet. We are investing in the future of offshore operations. Partnering on Remote DP enables Hanwha Drilling to help define the next generation of smart, automated DP systems that will move the industry forward. This collaboration supports the development of resilient, centralized DP operations that enhance safety and efficiency while reducing costs of deepwater operations worldwide.”
A Leap Forward in Subsea Data Connectivity
Hydromea has announced a groundbreaking achievement in subsea technology, made together with Equinor: the world’s first demonstration of real-time, high-bandwidth wireless data transmission from the ocean floor directly to the cloud. This milestone marks a pivotal advancement in subsea asset monitoring and the digitalization of the offshore energy sector.
In a pioneering collaboration, Hydromea’s SWiG-ready LUMA™ Free-Space Optical (FSO) devices successfully transmitted data from the seabed to Equinor’s cloud infrastructure using Equinor’s proprietary DEEPNET network. This is the first known instance where high volume of data collected at the bottom of the ocean can be streamed wirelessly in real time through a LUMA™ WLAN hotspot, enabling immediate access for asset integrity engineers and Underwater Intervention Drone (UID) pilots. The result is a seamless, end-to-end data flow—subsea sensors and vehicles can now deliver critical insights to operators in real time.
Transforming Subsea Asset Integrity and Operations
Hydromea’s LUMA™ platform leverages high-speed, low-latency optical communication technology capable of transmitting data at up to 10 Mbps, even at depths of up to 6,000 meters. This innovation significantly reduces the costs, risks, and environmental footprint associated with traditional subsea monitoring, which often relies on vessel use and cabled solutions. By enabling instant data transmission to the cloud, operators can make smarter, faster decisions and enhance the safety and efficiency of their offshore operations.
Igor Martin, CEO of Hydromea, emphasized the significance of this achievement:
“This is an important milestone for Hydromea, working with Equinor to show how real-time connectivity for untethered vehicles and data harvesting from sensors will flow wirelessly in real time into an asset operator’s cloud for immediate insights into operational matters.”
Supporting the Future of Subsea Autonomy
This breakthrough is a critical step to enable autonomous subsea operations.
Equinor has been at the forefront of developing standardized docking and data infrastructure for subsea drones and intervention vehicles, aiming to create an open, interoperable ecosystem for the industry. The integration of Hydromea’s high-speed wireless communication technology further accelerates this vision, supporting both oil & gas and renewables sectors.
Driving Industry Standards and Collaboration
Both companies are active members of the Subsea Wireless Group (SWiG), working alongside industry leaders to drive interoperability and the adoption of underwater wireless technologies. Hydromea’s leadership in developing global standards for subsea optical communication ensures that these innovations will benefit the entire industry, fostering collaboration and accelerating digital transformation across the ocean economy.
A New Era for Subsea IoT
With this world-first demonstration, Hydromea and Equinor are setting a new benchmark for what’s possible in subsea data management. Real-time, wireless subsea-to-cloud connectivity opens the door to scalable, affordable, and sustainable asset integrity workflows—paving the way for a smarter, safer, and more connected ocean future.
For more information about Hydromea’s LUMA™ technology and how wireless broadband works, visit https://www.hydromea.com/luma-underwater-communication/subsea-to-cloud-wireless
Kraken Robotics Announces Signing of Strategic Acquisition to Expand Global Maritime Capabilities
Beginning Operations in Q1 2026.
Kraken Robotics Inc. (“Kraken” or the “Company”) (TSX-V: PNG), is pleased to announce that it has entered into an agreement to acquire Covelya Group Limited (“Covelya Group”), a leading international provider of mission-critical underwater technology solutions operating through its subsidiary companies: Sonardyne International Ltd., EIVA A/S, Forcys Ltd., Wavefront Systems Ltd., Voyis Imaging Inc., and Chelsea Technologies Ltd.
The Company will acquire Covelya Group for total consideration of $615 million, excluding transaction costs and subject to adjustment, of which $480 million will be paid in cash and $135 million will be satisfied through the issue of common shares of the Company (“Common Shares”, and such Common Shares the “Consideration Shares”) to the seller pursuant to a share purchase agreement dated March 3, 2026 (the “Share Purchase Agreement”), between Kraken, its subsidiary Kraken Robotic Systems Inc. and Sonardyne Holdings Limited (the “Acquisition”).
ACQUISITION RATIONALE
- Positions Kraken as a major supplier of dual-use subsea technology.
- Combined revenue(1) of $365 million in 2025 with a Combined Adjusted EBITDA margin(2) of 24%.
- Acquiring a high growth (24% revenue CAGR(3) since 2023), profitable company with attractive margins.
- Allows for deeper customer relationships in the fast-growing defence and maritime surveillance market.
- Expands product offering and Kraken’s total addressable market in subsea technology.
- Adds strategic locations for geographic expansion and improves business diversification.
- Bolsters technical capabilities with an experienced engineering team and highly advanced facilities.
- Accretive across key financial metrics with opportunity for revenue and cost synergies.
- Maintains balance sheet strength with flexibility to fund future growth.
- Capitalizes on supportive trends in both defence and non-defence sectors, including energy.
COVELYA GROUP BACKGROUND
Covelya Group designs, manufactures, sells and supports high-performance underwater technology for maritime defence and commercial customers globally. Through its subsidiary companies, Covelya Group provides a sophisticated suite of technology and software centered around providing reliable navigation, communication, positioning, imaging, measuring, and monitoring for maritime uncrewed systems, as well as some crewed surface vessels. In addition to being a sub-systems provider, Covelya Group also offers stand-alone capabilities, notably deployed sensors and remotely operated towed vehicles (ROTVs). They are a large, highly profitable, high-growth organization that is expected to report revenue in 2025 of between $249 million and $275 million. Covelya Group is headquartered in the United Kingdom with nearly 750 employees, operating 12 facilities across North America, South America, Europe and Asia Pacific. With a track record of more than 50 years in underwater technology, Covelya Group has a strong history of innovation, quality manufacturing, and customer service in addition to extensive, trusted relationships across a diversified client base.
MANAGEMENT COMMENTS
“We have long admired Covelya Group and its operating businesses and are very pleased to join forces with its talented team,” said Greg Reid, President and CEO of Kraken. “Strategically, this acquisition will provide a unique opportunity to combine two leading subsea technology providers with complementary products, operating in markets with barriers to entry and high growth potential. Additionally, some key customers of Covelya Group are also existing customers of Kraken, providing significant opportunities to create value by cross selling within our overall client base.”
“The combined company will be able to provide more integrated solutions of mission-critical systems for underwater platforms and subsea sensors/monitoring systems,” said Reid. “These key technology systems include Kraken’s subsea batteries and synthetic aperture sonar and Covelya Group’s subsea navigation, positioning, and communications offering. In supplying multiple products and services, Kraken will become a more attractive partner to naval system integrators at a time when industry demand is growing rapidly. This accretive acquisition also enhances our technical capabilities, expands our total addressable market, and improves overall business diversification. We look forward to this combination and the potential to create value for shareholders, customers, employees, and other stakeholders.”
Simon Partridge, Executive Chairman of Covelya, said “We have mutually admired Kraken’s technology alongside its management team and believe this transaction is extremely beneficial to both companies. For Covelya Group, we will be able to leverage Kraken’s experience in the rapidly growing defence and maritime surveillance market while also enhancing our product and service-based offerings. The combined company will have a broad product portfolio and a stable customer base, with in-house technological capabilities required to enable the rapid growth expected for underwater vehicles. As part of a larger and well-capitalized enterprise, we will have a greater ability to re-invest in developing new technologies in addition to addressing the larger, more complex needs of our customers. We are extremely excited about today’s announcement and the opportunity to accelerate the new company’s growth trajectory moving forward.”
STRATEGIC RATIONALE
Creates a Major Supplier for Dual-Use Subsea Technology: This strategic combination advances Kraken’s strategy to deliver market-leading value to customers globally by providing the Company with industry leading subsea technology, increased size and scale, long-standing customer relationships, experienced technical teams and a greater capability to provide integrated solutions. With highly advanced facilities, alongside global manufacturing and sales capabilities, the Company will be well-positioned to continue to drive innovation.
Deeper Customer Relationships in the Fast-Growing Defence and Maritime Surveillance Market: Autonomous platforms within the defence industry currently include ROTVs, remotely operated vehicles (ROVs), autonomous underwater vehicles (AUVs), uncrewed surface vessels (USVs) and stationary sensors, all of which depend on power, navigation, communication, positioning, and imaging sensors. As a result of the Acquisition, Kraken will now be able to provide a more comprehensive and robust technology offering, including each of these mission-critical solutions, across a wider range of platforms. These complementary products, which are currently embedded within a broad group of key defence customers, will allow Kraken to become a more attractive partner to naval system integrators while also earning a greater share of the overall content sold per platform. This combination is timely as defence budgets are increasing globally, and the adoption of autonomous systems as force multipliers in naval military applications continues to accelerate. The increasing trend towards distributed and networked systems is also expected to increase demand for positioning, navigation, and communication solutions.
Expands Product Offering and Kraken’s Total Addressable Market within Subsea Technology: Covelya Group’s technologies provide Kraken greater exposure to new segments of the subsea technology market and enhanced opportunities for revenue growth in both products and services. Kraken will now be able to provide solutions for various autonomous underwater platforms and crewed vessels. Such incremental technology solutions for Kraken includes those that provide navigation, dynamic positioning, underwater communications, subsea data collection, intruder detection sonar, subsea integrity and production monitoring, forward-looking sonars, subsea infrastructure installation, and geohazard monitoring. Covelya Group also provides Kraken with software and integrated system solutions that enable remote and onsite operations and enhanced data collection with features for automation, autonomy and artificial intelligence, built upon over 50 years of demonstrated experience in subsea operations. In addition to the growing demand within the defence industry, the Company’s combined solutions have numerous applications in various commercial end markets.
Adds Strategic Locations for Geographic Expansion and Improves Business Diversification: Kraken will become a more diversified business in terms of its end markets, product offering, customer base and geographic exposure, by way of this Acquisition. With more than 700 customers on a combined basis, Covelya Group is expected to provide Kraken with additional momentum and growth opportunities with defence customers while also bolstering the Company’s presence and cash flow stream within the commercial market. This broader customer base is also beneficial for feedback to accelerate new product development cycles. Geographically, Kraken and Covelya Group can leverage their respective strengths across different regions, allowing for stronger sales and marketing capabilities for future growth.
Bolsters Technical Capabilities with an Experienced Engineering Team and Access to Highly Advanced Facilities: Both Kraken and Covelya Group share a common culture centered around innovation and technical excellence as evidenced by a combined portfolio of over 110 patents (issued and pending). Over its history, Covelya Group has invested heavily in manufacturing, assembly, calibration, and testing facilities. This Acquisition provides Kraken with important in-house technological capabilities, access to additional research and development for new product development, and a team of engineers with a lengthy track record around innovation. Kraken expects to leverage this expertise across the organization. At closing, the Company will have over 450,000 square feet of production capacity located in key markets globally, and approximately 1,200 employees, including 790 technical staff, comprised of engineers, scientists and technical sales.
ACCRETION AND FINANCIAL METRICS
The Acquisition is immediately accretive and is expected to generate low-to-mid double-digit EPS accretion in 2027, after including the full impact of expected cost synergies. The Acquisition is also expected to be accretive across other key financial metrics including revenue, EBITDA and cash flow per share.
Covelya Group is expected to generate revenue in 2025 of between $249 million to $275 million and Covelya Adjusted EBITDA(4) of between $60 million to $67 million in 2025, representing a CAGR(5) of 24% and 41% respectively since 2023. On a combined basis, Kraken and Covelya Group’s estimated revenue for 2025 is expected to be between $351 million to $379 million with a Combined Adjusted EBITDA Margin of 24%. These estimated results are based on preliminary unaudited financial statements and are subject to adjustment.
The Company is targeting approximately $10 million of cost synergies within the first 24 months through expected efficiencies in a shared supply chain, facilities, optimization of research and development efforts, integration of technology systems, and administrative optimization. Additional revenue synergies, such as cross-selling opportunities, have not been included in the expected accretion or synergy assumptions.
At closing, Kraken will maintain a strong balance sheet and financial flexibility to fund future growth opportunities with a Combined Net Leverage(6) ratio of approximately 0.8 times. The Company expects this ratio to improve over the near-to-medium term through a combination of growth and debt repayments.
CERTAIN PRELIMINARY 2025 YEAR-END RESULTS AND 2026 GUIDANCE
On a preliminary and unaudited basis, Kraken’s financial results for fiscal 2025 are expected to show consolidated revenue in the range of $102 million to $104 million and Adjusted EBITDA of $24 million to $26 million. These annual results, which are the highest in the Company’s history, were driven by record results in Kraken’s SeaPower batteries and Synthetic Aperture Sonar products, as well as strong results in the subsea services division. This growth, however, was partially offset by the decline in sonar-related revenue in the current year due to the timing of KATFISH projects and the acquisition component of the Canadian Navy RMDS system integration project nearing completion.
For 2026, Kraken expects revenue to be between $165 million and $175 million and Adjusted EBITDA to be between $40 million to $50 million, excluding any contribution from the Acquisition. The Company’s outlook for 2026 is driven by existing purchase orders for SeaPower batteries, expected purchase orders for sonar products, and continued growth in the commercial services business, including a full year contribution from 3D at Depth Inc. which was acquired in 2025. Consistent with prior years, revenue in 2026 is expected to be weighted toward the second half of the year.
The Company plans to release updated 2026 guidance for the combined company upon closing of the Acquisition, which is expected to occur in the second quarter of 2026. Closing of the Acquisition is conditional upon the satisfaction of customary conditions such as the approval of the TSX Venture Exchange (the “TSXV”), and regulatory approvals.
MANAGEMENT STRUCTURE
Kraken will continue to be led by the current management team, including the recent additions of Bernard Mills as EVP Defence and Terra Penrose as Chief People Officer, alongside key members of the Covelya Group management team. Moving forward, Kraken will have two market-facing business units being Defence and Commercial.
The Company will continue to be headquartered in Canada, with operations across Australia, Brazil, Canada, Denmark, Germany, Singapore, the U.K. and the U.S.
ACQUISITION FINANCING AND DETAILS
Under the Share Purchase Agreement, the Company will acquire all of the issued and outstanding shares of Covelya Group through its subsidiary Kraken Robotic Systems Inc. for total consideration of $615 million, excluding transaction costs and subject to customary purchase price adjustments, of which $480 million will be paid in cash, and $135 million will be satisfied through the issue of Common Shares to the seller.
The Company intends to fund the cash portion of the Acquisition and related expenses through a committed, secured, non-revolving term credit facility in the amount of $150 million (the “New Credit Facility”), and the net proceeds of a bought deal public offering of subscription receipts (“Subscription Receipts”) for gross proceeds of approximately $350 million (the “Offering”), as further detailed below.
The New Credit Facility will have a five-year term, and will be provided under an amendment to the Company’s existing credit facilities. The drawdown of the New Credit Facility is subject to certain customary conditions for secured acquisition financings of this nature. The Company’s current $35 million revolving credit facility, previously set to expire in April 2027, will also be amended with a five-year term from the date of the New Credit Facility.
The Company anticipates that the completion of the Acquisition will occur in the second quarter of 2026. Completion of the Acquisition is subject to certain conditions, including, among other things, receipt of all required regulatory approvals, including the approval of the TSXV, receipt of applicable approvals or non-objections under foreign direct investment and merger control regulations, other consents and regulatory approvals and other customary closing conditions for a transaction of this nature. The Transaction has been approved by the Board of Directors of the Company, and has received all required approvals from the seller and its shareholders.
The seller is expected to own approximately 4% of the issued and outstanding Common Shares on a pro-forma basis after completion of the Acquisition and the exchange of the Subscription Receipts issued pursuant to the Offering, assuming no exercise of the Over-Allotment Option (as defined below). The Consideration Shares will be subject to a lock-up agreement with one-third released at 12, 18, and 24 months from the completion date of the Acquisition. The seller will not participate in the Offering. The Acquisition is arm’s length and no finder’s fees will be paid.
PUBLIC OFFERING OF SUBSCRIPTION RECEIPTS
In connection with the Acquisition, Kraken has entered into an agreement with a syndicate of underwriters led by Scotiabank and Desjardins Capital Markets (collectively, the “Lead Underwriters”, and collectively the “Underwriters”), under which the Underwriters have agreed to purchase, on a bought deal basis 41,177,000 Subscription Receipts at a price of $8.50 per Subscription Receipt (the “Offering Price”) for aggregate gross proceeds of approximately $350 million (the “Offering“). The Company intends to use the net proceeds of the Offering to partially fund the cash purchase price of the Acquisition, as further described below.
The Company has also granted the Underwriters an over-allotment option (the “Over-Allotment Option”), exercisable in whole or in part, for a period of 30 days following the date of the closing of the Offering, to purchase up to an additional number of Subscription Receipts (or in certain conditions, Common Shares) equal to 15% of the number of Subscription Receipts sold pursuant to the Offering, at the Offering Price and on the same terms and conditions as the Offering, to cover over-allotments, if any.
Each Subscription Receipt will entitle the holder thereof, without payment of any additional consideration or further action on the part of the holder, to receive one Common Share upon the satisfaction or waiver of certain release conditions (including the satisfaction of all conditions precedent to the completion of the Acquisition, other than the payment of the purchase price and the satisfaction conditions precedent that by their nature are to be satisfied at completion), subject to adjustment in accordance with the terms of a subscription receipt agreement to be entered into upon closing of the Offering (the “Subscription Receipt Agreement“).
The gross proceeds from the Offering (including from any exercise of the Over-Allotment Option prior to the completion of the Acquisition) less 50% of the Underwriting Commission (as defined below) and the Underwriters’ expenses will be held in escrow pending the satisfaction or waiver of the release conditions. If the Acquisition is completed on or prior to 5:00 p.m. (Toronto time) on December 31, 2026 (the “Deadline”), the escrowed funds will be released to the Company and each Subscription Receipt will be exchanged for Common Shares. If the Acquisition is not completed prior to the Deadline, the holders of Subscriptions Receipts will receive a cash payment equal to the Offering Price of the Subscription Receipts plus their pro rata share of any interest actually earned on the escrowed funds during the term of the escrow, less applicable withholding taxes. The Company will pay the Underwriters a cash commission equal to 4.0% of the gross proceeds of the Offering (the “Underwriting Commission”), of which 50% will be paid upon closing of the Offering and 50% will be paid on upon the closing of the Acquisition.
Closing of the Offering is expected to occur on or about March 12, 2026. The Offering is subject to customary regulatory approvals, including approval of the TSXV.
The Subscription Receipts will be offered in all provinces and territories of Canada pursuant to a prospectus supplement (the “Prospectus Supplement”) to the short form base shelf prospectus of the Company dated August 7, 2025 (the “Base Shelf Prospectus”), and other jurisdictions outside of Canada as may be agreed between the Company and the Underwriters. Access to the Prospectus Supplement, the corresponding Base Shelf Prospectus and any amendment to such documents is provided in accordance with securities legislation relating to procedures for providing access to a shelf prospectus supplement, a base shelf prospectus and any amendment.
The Base Shelf Prospectus is accessible, and the Prospectus Supplement will be accessible within two business days from the date hereof, through SEDAR+ at www.sedarplus.ca. An electronic or paper copy of the shelf prospectus supplement, the base shelf prospectus and any amendment to the documents may be obtained, without charge, from: Scotiabank by mail at 40 Temperance Street, 6th Floor, Toronto, Ontario M5H 0B4, attn: Equity Capital Markets, by email at [email protected] or by telephone at (416) 863-7704. Additionally, copies of these documents may be obtained upon request in Canada from Desjardins Capital Markets at 25 York St., 10th Floor, Toronto, ON M5J 2V5, Attention: Equity Capital Markets or by email at [email protected] by providing Desjardins with an email address or address, as applicable. The Base Shelf Prospectus and Prospectus Supplement contain important, detailed information about the Company and the proposed Offering. Prospective investors should read the Base Shelf Prospectus and Prospectus Supplement (when filed) before making an investment decision.
The securities being offered pursuant to the Offering have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act“), or the securities laws of any state of the United States, and may not be offered, sold or delivered, directly or indirectly, in the United States, unless exemptions from the registration requirements of the U.S. Securities Act and any applicable U.S. state securities laws are available. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction, nor shall there be any sale of the securities in any jurisdiction, in which such offer, solicitation or sale would be unlawful. “United States” and “U.S. person” are as defined in Regulation S under the U.S. Securities Act.
ADVISORS
Scotiabank is acting as exclusive financial advisor to Kraken and has provided a fairness opinion to the Kraken Board of Directors that, as of the date of such opinion, and based upon the assumptions, limitations and qualifications set forth therein, the consideration payable pursuant to the Share Purchase Agreement is fair, from a financial point of view, to Kraken.
Scotiabank and Desjardins Capital Markets are acting as Lead Bookrunners for the Company’s public offering of Subscription Receipts. The Bank of Nova Scotia is acting as administrative agent for the New Credit Facility.
Gowling WLG is acting as legal advisor to Kraken. Goodmans LLP is acting as legal advisor to the Underwriters.
Piper Sandler is acting as exclusive financial advisor to Covelya Group. Osborne Clarke is acting as legal advisor to Covelya Group.
CONFERENCE CALL DETAILS
Kraken management will host a conference call today, March 3, 2026, starting at 4:30 p.m. ET to discuss the announced Acquisition. Participants can listen to this event at the webcast details below, or by dialing 1-833-752-3301 (North America) or 1-647-846-2734 (International) for operator assistance. A recording will also be made available following the call. This call will not include a question and answer session.
Webcast Details: https://event.choruscall.com/mediaframe/webcast.html?webcastid=6ve0PCLE
Shareholders and investors can find a presentation on Kraken’s website, further highlighting details of the Acquisition.
Teledyne RDI ADCPs to Support Japan’s Deep-Sea Environmental Assessment of Polymetallic Nodule Mining
Teledyne RD Instruments (RDI), a division of Teledyne Marine, is excited to announce that it has been selected by marine engineering consultancy Deep Reach Technology (DRT) to support a landmark deep-sea environmental impact assessment (EIA) project within Japan’s Exclusive Economic Zone (EEZ), supplying 20 of its advanced Acoustic Doppler Current Profilers (ADCPs) for the project.
This ambitious project focuses on the environmental impact of critical mineral exploration on the ocean floor. Installation of Teledyne’s ADCPs - overseen by DRT - is being managed by CSA Ocean Sciences Inc. The instruments were installed by CSA from the vessel Anuanua Moana, owned by Kiva Marine.
Acting as in situ sensors, the ADCPs will capture vital data on current direction, turbulence, and sediment plume transport. These instruments will be deployed on deep-sea moorings to monitor conditions across the full water column - delivering continuous insights over extended periods.
Teledyne RDI ADCPs are made in USA under ISO 9001 Certification, with each instrument individually handcrafted and rigorously tested prior to deployment. Designed to perform in challenging ocean environments and with over 50,000 units deployed worldwide over the past 40 years, RDI’s Workhorse ADCPs are proven to deliver reliable performance at extreme depths while providing high‑quality data for long‑term moorings and multi‑month deployments
“Before deep-sea mining can move forward, international regulations demand proof that operations won’t harm marine ecosystems,” said Paul Devine, Subject Matter Expert at Teledyne RDI. “Our ADCP technology provides the high-resolution current and sediment transport data essential for responsible resource development - even in the most challenging environments.”
The project will use the following Teledyne ADCPs:
- 13 Workhorse II 300 khz 6000m depth rated ADCPs
- 3 Workhorse II 600 khz 6000m depth rated ADCPs
- 2 Workhorse Long Ranger 75khz 1500m depth rated ADCPs
- 2 Workhorse Long Ranger 75khz 3000m depth rated ADCPs
Based on the proven electronics of Workhorse, Teledyne RDI’s flagship product line, the Workhorse II extends the capabilities of this platform, while the Long Ranger offers long-range, self-contained ADCPs.
Frank Johnson, VP of Marine Operations at CSA Ocean Sciences, said: “With decades of collaboration behind us, CSA and Teledyne RDI have advanced side by side. CSA has long depended on RDI’s 24/7 service - sensor selection, setup guidance, and urgent field support, including middle of the night calls - giving CSA the confidence to execute highly reliable deployments even in the harshest deepwater environments.”
“Besides deploying Teledyne RDI ADCPs for the environmental monitoring project in Japan from our vessel Anuanua Moana, Kiva Marine - as part of Ocean Minerals and sister company to Moana Minerals - has recently acquired more Teledyne RDI ADCPs (Workhorse Long Ranger 75khz) for mooring recovery and redeployment activities in the Cook Islands,” said Hans Smit, CEO and President, Ocean Minerals. “The proven reliability of Teledyne RDI instruments, combined with strong technical support, makes them a trusted partner for our deepwater operations.”
The International Seabed Authority (ISA) and regulators recommend contractors collect at least three years of oceanographic data before mining approval. By delivering high-resolution measurements from multiple depths over extended periods, Teledyne ADCPs are helping Deep Reach Technology and this emerging sector meet and exceed international standards.
For more information visit: www.teledynemarine.com/rdi. Email [email protected]
Exail opens Riyadh office to support growing activity in Saudi Arabia
Exail announces the opening of a new office in Riyadh, Saudi Arabia, marking a key milestone in its expansion across the Middle East. This new presence reflects Exail’s commitment to strengthening proximity with local customers and partners, and to supporting the development of its activities in the country.
By establishing a permanent presence in Riyadh, Exail aims to reinforce customer support, foster long-term partnerships, and better address local operational needs. The new office will support ongoing programmes, future projects and cooperation initiatives with key local actors.
“The opening of our Riyadh office demonstrates our determination to engage more closely with our customers and partners in Saudi Arabia,” said Paul Gosset, Regional Director at Exail. “A local presence is essential to fully understand operational challenges, build trusted relationships, and support the deployment of reliable, high-performance solutions across a broad range of applications.”
GeoAcoustics Ltd appoints Seafloor Systems Inc. as US Channel Partner
GeoAcoustics Ltd, a global leader in hydroacoustic survey technology, has announced a new channel partnership with Seafloor Systems Inc., a California-based specialist in integrated hydrographic survey solutions. The agreement sees Seafloor Systems represent the entire GeoAcoustics product portfolio in the United States, including the GeoSwath 4 bathymetric sonar, GeoScan side scan sonar, and GeoPulse sub-bottom profiler systems.
Founded in 1999, Seafloor Systems is renowned for its technical expertise in uncrewed systems, survey-grade integration, and customer-focused engineering. With a strong base in the US hydrographic and geophysical survey sector, Seafloor Systems is well positioned to provide sales, service, and integration support for GeoAcoustics technologies across inland, coastal, and offshore projects.
“We’re delighted to welcome Seafloor Systems to our global Channel Partner Network,” said Richard Dowdeswell, Chief Commercial Officer at GeoAcoustics Ltd. “Their proven track record and deep understanding of customer needs in the US survey market make them an ideal partner. This collaboration enhances our ability to support the growing demand for rugged, high-performance hydroacoustic systems throughout North America.”
The partnership reflects GeoAcoustics' commitment to supporting international customers through a network of technically proficient local partners. With a focus on operational efficiency and data quality, GeoAcoustics systems are designed to perform in demanding environments and diverse applications from seabed mapping and dredging surveys to infrastructure inspection and rapid environmental assessment.
“We are looking forward to offering GeoAcoustics’ highly respected hydrographic technologies to our clients,” said, John Tamplin, Founder and CEO, Seafloor Systems Inc. “With capabilities like high quality bathymetry and reliable sub-bottom and side scan solutions, their portfolio is a strong fit for the applications we serve. We look forward to building a successful partnership.”
Kongsberg Maritime unveils unified digital solutions portfolio and launches KM Performance
Kongsberg Maritime has marked a significant step forward in its digital transformation with the unveiling of a harmonised Digital Solutions portfolio and the launch of KM Performance, the first solution area out of the portfolio which is designed to help customers in the marine transportation segment to strengthen operational efficiency, reduce emissions, and meet evolving regulatory demands.
Customers, partners, and industry representatives were introduced to the new portfolio at a dedicated digital launch event in Oslo, where attendees were given a first look at the company’s unified approach to maritime digitalisation.
The consolidation of Kongsberg Maritime’s legacy software offerings into a single, integrated portfolio represents a major shift in how the company supports modern fleet operations.
Systems such as K-IMS, Vessel Insight, K-Fleet and Coach have been brought together under Digital Ocean, the company’s digital office, creating one coherent ecosystem built on a common data foundation and architecture. This harmonised approach is designed to offer operators greater transparency, improved data quality, and a more consistent user experience across onboard, onshore, and cloud-based tools.
Alexandra Koefoed, Executive Vice President, Digital and Emerging, Kongsberg Maritime, said: "Our vision for our digital portfolio is simple, focused, and built around creating real value for our customers. Our mission is to support safer, smarter and more sustainable operations at sea. That’s the anchor point for everything we do. We’re here to be a trusted digitalisation partner - not just delivering technology, but guiding customers through their digital journey with solutions that actually make a difference, day-to-day.”
Anders Bryhni, Product Line Manager Performance and Fleet Management, Kongsberg Maritime, added: “Bringing our legacy products into one harmonised digital offering allows us to innovate faster and deliver greater value to our customers. KM Performance is just the beginning and it’s a clear demonstration of how deep integration, trusted data and modern architecture create meaningful operational impact across the entire digital voyage."
KM Performance is the first solution area to be launched from the unified portfolio and provides comprehensive support across the full voyage cycle, from pre-planning and during-voyage execution to post-voyage reporting and regulatory compliance. By combining high-integrity sensor data with validated manual inputs, KM Performance gives operators a trusted operational picture and a clearer basis for critical decision-making.
Features such as dynamic trim optimisation, weather-informed route planning, hull performance analytics and automated emissions reporting help customers reduce fuel consumption, improve operational predictability and maintain readiness for new environmental requirements.
Unifying the Digital Solutions portfolio and introducing KM Performance reflects a long-term commitment and strategic priority from Kongsberg Maritime to support customers throughout their digitalisation journey, enabling them to operate more efficiently today while preparing for the demands of tomorrow.
The company will continue to expand its portfolio through 2026 and introduce new consolidated solution areas for other segments, further strengthening its position as a digital partner for sustainable and resilient maritime operations.
Smarter Pilot Boarding at Harwich Haven Authority Driven by Real Time Wave Data
Making safe, confident decisions at sea starts with having the right information at the right time. For the teams working at Harwich Haven Authority, a new wave monitoring solution is transforming how pilots, launch crews and Vessel Traffic Service (VTS) operators plan and manage pilot boarding operations.
Working in partnership with OceanWise, Harwich Haven Authority has recently deployed a Datawell Wave Buoy, supplied by RS Aqua, at its pilot boarding area. The buoy now delivers live, high‑precision wave data directly into Port‑Log, OceanWise’s cloud‑based data platform—putting accurate, local information into the hands of the people who rely on it most.
For pilots and launch crews operating at the very edge of safe working conditions, understanding the true sea state at the boarding location is critical. Until now, teams often relied on data from nearby monitoring stations, which didn’t always reflect the real conditions at the pilot station itself. This meant more time spent interpreting information and greater uncertainty when making operational decisions.
“This project was about giving people confidence,” said Sarah Cockroft, Monitoring Business Manager at OceanWise. “By listening closely to Harwich’s teams and understanding how decisions are made on the water, we were able to help deliver a solution that directly supports those working in demanding, time‑critical roles.”
From the outset, OceanWise worked closely with Harwich Haven Authority to understand their operational challenges and guide them through the available monitoring options. Together, they selected the Datawell Wave Buoy for its accuracy, resilience and suitability for critical marine operations. OceanWise engineers then tested, configured and supported the deployment end‑to‑end, ensuring the system was ready to deliver from day one.
Now fully operational, the wave data is used daily by VTS teams, hydrographers and pilots, displayed alongside weather, tidal and AIS information within Port‑Log. For those on watch, this means faster access to trusted data and clearer situational awareness when planning pilot transfers.
Beyond immediate operational benefits, the data is also helping to build a longer‑term understanding of local conditions. By validating wave forecasts against real observations at the pilot station, Harwich Haven Authority can improve future predictions and planning. The data will also feed into an AI‑enabled digital twin, allowing teams to analyse historic and real‑time conditions together and better anticipate when pilot boarding may become unsafe.
“Accurate wave data at our pilot boarding areas has delivered an immediate operational benefit,” said William Barker, Marine Director & Harbour Master at Harwich Haven Authority. “When used alongside the experience of our pilot launch coxswains and VTS teams, and supported by weather and wave forecasts, it enables more informed, real‑time decisions based on actual conditions. The quality of the data and the support from OceanWise throughout the project have been excellent.”
The wave data will also soon be made available via Harwich Haven Authority’s public website (www.hha.co.uk), supporting greater transparency and shared understanding across the port community.
The project is a clear example of how combining trusted partnerships, proven technology and a people‑first approach can deliver safer, smarter marine operations.