Nauticus Robotics Completes Aquanaut Mark 2 Evaluation Agreement with a Global Supermajor Oil & Gas Customer

Rhea-AI Summary

Nauticus Robotics (NASDAQ: KITT) has completed a subsea field inspection project for a second global supermajor oil and gas company in the Gulf of Mexico using its Aquanaut Mark 2 underwater vehicle. The project involved multiple days of visual inspections of subsea assets, demonstrating the company's autonomous technology capabilities. The successful demonstration has led to discussions about potential 2025 projects. The company emphasizes that their autonomous technology can significantly reduce daily diesel fuel consumption and associated emissions for each Aquanaut in operation.

Positive

• Completed successful demonstration project with major oil & gas customer
• Potential business expansion through 2025 project discussions
• Technology validation by second global supermajor customer
• Demonstrated operational capability in real-world conditions

Negative

• None.

HOUSTON, Dec. 2, 2024 /PRNewswire/ -- Nauticus Robotics, Inc. (NASDAQ: KITT), a leading innovator in autonomous subsea robotics and software, recently completed a project for a second global supermajor oil and gas company in the Gulf of Mexico (GOM) to perform a subsea field inspection utilizing its flagship underwater vehicle, Aquanaut Mark 2.

Nauticus' Autonomous Solutions team completed the inspection in the GOM last month. The scope involved multiple days of executing visual inspections of subsea assets. This demonstration aimed to validate the ability of Nauticus' technology to fulfill the customer's subsea technology roadmap. Nauticus and the customer are discussing 2025 projects.

Nauticus' CEO and President, John Gibson, commented, "We are excited to be in collaboration with another critical customer. Our mutual goal is the enhancement of decision-making while minimizing environmental impact. By deploying autonomous technology, we can materially reduce daily diesel fuel consumption and associated emissions for each Aquanaut in operation."

About Nauticus Robotics

Nauticus Robotics, Inc. develops autonomous robots for the ocean industries. Autonomy requires the extensive use of sensors, artificial intelligence, and effective algorithms for perception and decision allowing the robot to adapt to changing environments. The company's business model includes using robotic systems for service, selling vehicles and components, and licensing of related software to both the commercial and defense business sectors. Nauticus has designed and is currently testing and certifying a new generation of vehicles to reduce operational cost and gather data to maintain and operate a wide variety of subsea infrastructure. Besides a standalone service offering and forward-facing products, Nauticus' approach to ocean robotics has also resulted in the development of a range of technology products for retrofit/upgrading traditional ROV operations and other third-party vehicle platforms. Nauticus' services provide customers with the necessary data collection, analytics, and subsea manipulation capabilities to support and maintain assets while reducing their operational footprint, operating cost, and greenhouse gas emissions, to improve offshore health, safety, and environmental exposure. 

Cautionary Language Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the "Act"), and are intended to enjoy the protection of the safe harbor for forward-looking statements provided by the Act as well as protections afforded by other federal securities laws. Such forward-looking statements include but are not limited to: the expected timing of product commercialization or new product releases; customer interest in Nauticus' products; estimated operating results and use of cash; and Nauticus' use of and needs for capital. Generally, statements that are not historical facts, including statements concerning possible or assumed future actions, business strategies, events, or results of operations, are forward-looking statements. These statements may be preceded by, followed by, or include the words "believes," "estimates," "expects," "projects," "forecasts," "may," "will," "should," "seeks," "plans," "scheduled," "anticipates," "intends," or "continue" or similar expressions. Forward-looking statements inherently involve risks and uncertainties that may cause actual events, results, or performance to differ materially from those indicated by such statements. These forward-looking statements are based on Nauticus' management's current expectations and beliefs, as well as a number of assumptions concerning future events. There can be no assurance that the events, results, or trends identified in these forward-looking statements will occur or be achieved. Forward-looking statements speak only as of the date they are made, and Nauticus is not under any obligation and expressly disclaims any obligation, to update, alter, or otherwise revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by law. Readers should carefully review the statements set forth in the reports which Nauticus has filed or will file from time to time with the Securities and Exchange Commission (the "SEC") for a more complete discussion of the risks and uncertainties facing the Company and that could cause actual outcomes to be materially different from those indicated in the forward-looking statements made by the Company, in particular the sections entitled "Risk Factors" and "Cautionary Note Regarding Forward-Looking Statements" in documents filed from time to time with the SEC, including Nauticus' Annual Report on Form 10-K filed with the SEC on April 10, 2024. Should one or more of these risks, uncertainties, or other factors materialize, or should assumptions underlying the forward-looking information or statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated, or expected. The documents filed by Nauticus with the SEC may be obtained free of charge at the SEC's website at www.sec.gov.

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SOURCE Nauticus Robotics, Inc.

FAQ

What project did Nauticus Robotics (KITT) complete in the Gulf of Mexico?

Nauticus Robotics completed a subsea field inspection project using its Aquanaut Mark 2 underwater vehicle for a global supermajor oil and gas company in the Gulf of Mexico.

What are the environmental benefits of Nauticus Robotics' (KITT) Aquanaut technology?

The Aquanaut technology can materially reduce daily diesel fuel consumption and associated emissions compared to traditional subsea operations.

What future opportunities is Nauticus Robotics (KITT) discussing from this demonstration?

Nauticus Robotics is in discussions with the customer regarding potential projects for 2025 following the successful demonstration.