Kraken Robotics has announced that it has signed an agreement to acquire 100% of the shares of 3D at Depth, an American subsea technology and services company specializing in high-resolution laser detection and ranging (LiDAR) imaging and measurements. Under the terms of the agreement, Kraken will indirectly acquire 3D at Depth for $17 million in cash subject to adjustment. The transaction is expected to close on or about 1 April.
“With 3D at Depth, we are acquiring an industry leader with an established customer base, strong gross margins, and gain an expanded presence in the United States, with new offices in Texas and Colorado,” said Greg Reid, president and CEO of Kraken Robotics. “This acquisition immediately strengthens our presence in the U.S. Gulf region, complementing our historically strong book of subsea services work in Northern Europe. This also provides Kraken with a strategic entry point into the U.S. market.”
With a 15-year track record, 3D at Depth’s headquarters and production facility are based in Longmont, Colo., with offshore service operations based out of Houston and satellite offices in Norwich and Aberdeen, UK. 3D at Depth employs 56 people and provides underwater LiDAR technology and services. The company’s services are driven by its in-house, patented underwater LiDAR technology.
3D at Depth has completed over 450 projects in 18 countries across six continents. It offers a broad range of services including measurement, inspection, surveying, diagnostics, asset monitoring, and trending solutions. Its underwater LiDAR technology has been integrated onto various survey platforms including diver platforms, remotely operated vehicles, remotely operated towed vehicles, crawlers, and uncrewed underwater vehicles.
Kraken began development of its SeaVision product line in 2017 and since has acquired dozens of terabytes of subsea data for offshore oil and gas and renewable energy customers across multiple countries including Brazil, Canada, Denmark, Estonia, Germany, Nigeria, Norway, and Poland. 3D at Depth’s underwater LiDAR technology will be added to the SeaVision suite to provide extended range, particularly in challenging (>300m) water depths, and add capabilities such as noncontact vibration and temperature measurement.