Bullish News Item for Energy

Kraken Awarded $7.1 Million of Contracts for Offshore Subsea Inspections

...is pleased to announce that its wholly owned subsidiaries Kraken Robotic Systems Inc. and PanGeo Subsea Inc. have been awarded $7.1 million for two contracts from the Newfoundland Offshore Oil and Gas Industry Recovery Assistance (OOGIRA) Fund. The combined projects valued at $9.2 million will be executed from Q4 2021 through Q4 2022. Kraken and PanGeo’s inspection and survey platforms will assist the offshore energy sector to acquire better, faster, and more valuable data. This will enable offshore energy operators to make better-informed decisions regarding asset integrity, enhance energy recovery and reduce carbon emissions during inspection and survey operations.

The stock hasn't performed well, but I still like the fundamental story.

As for the news, what's notable is offshore energy. Offshore deposits are more expensive. Companies won't spend on these assets unless they expect higher prices. If spending on offshore starts rising, the sectoris historically cheap with three major companies have gone through or currently in bankruptcy reorganization.