Combination Expands Addressable Market and
Drives Operational Synergies
HOUSTON, March 5,
2025 /PRNewswire/ -- Nauticus Robotics, Inc. (NASDAQ:
KITT, "Nauticus"), a leading innovator in autonomous subsea
robotics and software solutions, today announced signing of a
definitive agreement to acquire all of the assets and business of
SeaTrepid International, LLC ("SeaTrepid"), an expert in providing
subsea robotic services to customers throughout the world.
This strategic acquisition underscores Nauticus' commitment to
innovation and revenue growth in 2025. By integrating Nauticus'
AI-driven autonomy software, ToolKITT, into
SeaTrepid's existing ROV fleet, the combination will
showcase unprecedented advancements in power efficiency and
operational performance across the industry. The ability of ROVs
and Aquanaut to seamlessly communicate at depth unlocks new
service opportunities, enabling two autonomous systems to
collaborate in delivering cutting-edge underwater solutions. The
combined company's revenue is expected to be ~9x higher than that
of standalone Nauticus 2024.
John Gibson will remain the CEO
and President of the combined company with SeaTrepid's CEO,
Bob Christ, co-author of "The ROV
Manual", taking the role of President of SeaTrepid Operations. The
companies will maintain their current locations and workforces due
to the complementary nature of the businesses and expectation of
new project growth throughout 2025. Completion of the acquisition
is expected in May 2025.
Mr. Gibson stated, "This strategic combination will drive
significant value for both customers and shareholders."
Mr. Christ added, "Minimal ROV investment occurred in the last
fifteen years industry-wide, which has caused some stagnation. We
look forward to combining with Nauticus to extend ROV capabilities
and enhance execution on a global scale."
David S. Huber, current SVP of
Ocean Minerals and past SVP of Operations and Projects at Deep Gulf
Energy and Mariner Energy noted, "I am thrilled with the news of
Nauticus' acquisition of SeaTrepid. SeaTrepid is a long-time
reliable subsea services provider to the deepwater companies I have
worked for over the past several decades. With the combination of
Nauticus' autonomous cutting-edge controls technology coupled with
SeaTrepid's deep knowledge of subsea services, I see this as a
breakthrough development for the offshore sector."
The transaction is subject to customary closing conditions,
including the consent of certain creditors of both parties to the
transaction.
The company will be providing additional strategic details
during a fireside chat with the date to be announced. Once
announced, the registration link to view the event will be made
available on the Investor Relations section of the Nauticus
Robotics website.
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.
About SeaTrepid International
SeaTrepid International, LLC is an applied robotic solutions
provider offering support for commercial, public safety, municipal,
military and scientific applications. They own and operate a
variety of robotic equipment and sensor suites for both inland and
offshore customers worldwide.
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.
