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Business | November 02, 2015
Kraken awarded $1.5 million order from defence contractor
Kraken Sonar's subsidiary, Kraken Sonar Systems has received a USD 1.5 million contract from a international defence contractor for a KATFISH sonar system.
Along with spare parts and support, the initial order could exceed USD 2 million. Due to the sensitivity of its business, the client's name cannot be disclosed, Kraken writes in a press release.
The agreement includes multiple stages, starting with a first phase for the manufacture and supply of Kraken's KATFISH system. The customer will make an advance payment on the contract in 2015. Approximately 75% of the contract revenue is expected be realized in 2016.
Karl Kenny, President and CEO of Kraken said, "This is a very significant award for us and demonstrates that KATFISH is a key objective in delivering on our "sensors-to-systems" strategy. This contract further establishes Kraken's underwater technologies in the Unmanned Maritime Systems industry and positions us for future contracts on UMS platforms."
The agreement includes multiple stages, starting with a first phase for the manufacture and supply of Kraken's KATFISH system. The customer will make an advance payment on the contract in 2015. Approximately 75% of the contract revenue is expected be realized in 2016.
Karl Kenny, President and CEO of Kraken said, "This is a very significant award for us and demonstrates that KATFISH is a key objective in delivering on our "sensors-to-systems" strategy. This contract further establishes Kraken's underwater technologies in the Unmanned Maritime Systems industry and positions us for future contracts on UMS platforms."
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