St. John’s, Nfld.-based marine technology company Kraken Robotics has signed an agreement to acquire Longmont, Colo.-based subsea technology company 3D at Depth for $17 million USD ($24.5 million CAD).
3D at Depth, which has offshore service operations in Houston, Texas and satellite offices in the United Kingdom, provides underwater light detection and ranging (LiDAR) technology and services for subsea assets and infrastructure, such as detecting leaks on oil rigs.
“Kraken and 3D at Depth now offer customers a ‘best-of-breed’ toolbox for subsea optical metrology and asset integrity measurement.”
Kraken Robotics
The final closing price is subject to adjustment for any debt assumed or paid out, and other working capital adjustments, Kraken said in a statement. The transaction is expected to close on April 1, subject to certain closing conditions, such as consent from Kraken’s primary lender.
The acquisition builds on Kraken’s expertise in subsea optical systems and “immediately strengthens” its presence in the United States (US) Gulf region, which complements Kraken’s work in Northern Europe, Kraken president and CEO Greg Reid said in a statement.
“Following completion of the acquisition, Kraken will be able to offer a more comprehensive suite of world-class subsea acoustic and optical imaging technologies and services,” Reid said. “Additionally, establishing our first US-based facilities enhances our ability to scale manufacturing operations in the US as demand continues to grow.”
According to Kraken, 3D at Depth has seen its average project value grow by more than 45 percent over the last three years, thanks to its client roster of fossil-fuel giants like Exxon, Shell, and BP. The company, which currently has 56 employees, has completed more than 450 marine surveying projects in 18 countries, Kraken says.
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3D at Depth’s underwater LiDAR technology provides extended range at challenging water depths compared to Kraken’s similar SeaVision offering, Kraken said in a statement, as well as unique non-contact vibration sensors and temperature-measurement capabilities.
“With this combined capability, Kraken and 3D at Depth now offer customers a “best-of-breed” toolbox for subsea optical metrology and asset integrity measurement,” Kraken Robotics said in a statement.
Last month, Kraken took the top spot on the 2025 TSX Venture 50, sporting a 323-percent share price appreciation and adding more than $587 million to its market capitalization last year. The achievement shortly followed the passing of Kraken’s retired founder and former CEO, Karl Kenny, at the age of 64.
Feature image courtesy Kraken Robotics.