HOUSTON,
July 18,
2024 /PRNewswire/ -- Nauticus Robotics, Inc. (NASDAQ:
KITT), a leading innovator in subsea robotics and software,
announces the successful completion and invoicing of Phase I in its
transformative four-phase contract with Brazil's largest offshore oil & gas
operator. This milestone concludes part of the contract that was
awarded in 2023.
Nauticus' Autonomous Solutions team has achieved
a crucial victory by finalizing the engineering and
proof-of-concept documentation for the Aquanaut Mark 2 vehicle.
This documentation details the advancements and capabilities of
Aquanaut Mark 2, ensuring it meets the stringent requirements of 10
core functionalities essential for offshore deepwater field
inspection and light maintenance tasks. The reports include a
technical analysis of each required capability, Factory Acceptance
Test results for each vehicle component, and the status of ongoing
testing in both controlled (pool) and uncontrolled (ocean)
environments. All Phase I contractual requirements were
successfully fulfilled during Q2FY24.
Nauticus Robotics' CEO, John Gibson, commented, "The successful
completion of Phase I underscores our commitment to revolutionizing
subsea operations. Our team's dedication and the innovative
advancements of the Aquanaut Mark 2 showcase the potential for
significant improvements in efficiency, safety and the opportunity
to materially reduce CO2 emissions of offshore operations."
Nauticus is now forging ahead with Phase II
(Technology Integration) and Phase III (Controlled Environment
Testing), which are being executed concurrently through an
iterative approach as new vehicle capabilities are developed and
integrated. The final phase, Phase IV (Field Qualification Test),
is slated to be performed in Brazil, bringing the project full circle.
The Aquanaut vehicle leverages Nauticus'
proprietary ToolKITT software, a versatile and platform-independent
solution previously tested across various subsea vehicle classes.
By harnessing the power of the ToolKITT software and the pioneering
design of the Aquanaut vehicle, Nauticus is spearheading the
industry's shift from traditional tethered operations to augmented
autonomy.
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' most recent Annual Report on Form 10-K. 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.