Nauticus Robotics, Inc. (NASDAQ:KITT) shares are trading lower on Tuesday after the company announced on Monday the successful completion of a subsea field inspection project in the Gulf of Mexico.
The inspection, which was for a major oil and gas company, was finished using its flagship underwater vehicle, the Aquanaut Mark 2.
The company's Autonomous Solutions team recently conducted a multi-day visual inspection of subsea assets in the Gulf of Mexico, completing the project last month.
The demonstration aimed to validate Nauticus' technology for the customer's subsea technology roadmap.
Discussions are underway between Nauticus and the client regarding potential projects for 2025.
"By deploying autonomous technology, we can materially reduce daily diesel fuel consumption and associated emissions for each Aquanaut in operation," Nauticus CEO and President, John Gibson, said
Last month, the company announced that it entered into a strategic collaboration with SeaTrepid to integrate and test its ToolKITT software on a Remotely Operated Vehicle (ROV) in SeaTrepid's fleet.
Price Action: KITT shares were down 4.9% at $1.06 at last check Tuesday.
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