Nauticus Robotics, Inc. (“Nauticus” or the “Company”) (NASDAQ:
KITT), a developer of autonomous robots using artificial
intelligence for data collection and intervention services for the
ocean industries, today announced that Equinor ASA (“Equinor”)
(NYSE: EQNR), an international energy company based in Norway, has
engaged Nauticus and its local business partner, Stinger Technology
AS (“Stinger”), for the deployment of the Company’s proprietary
leak detection technology service. The pilot project addresses the
need for improved leak detection technologies, with the objective
of demonstrating and qualifying Nauticus leak detection technology
from autonomous robots in Equinor. The project will strengthen the
wide range of applications for autonomous subsea robots.
For Equinor, sustainability is a core principle,
and having methods and systems for leak detection is a part of this
principle. This engagement is an example of how Equinor
continuously explores new ways to improve its capabilities to keep
the environment safe, as Equinor has around 600 subsea wells and
approximately 9000 km of subsea pipelines, risers, and cables to
maintain.
The pilot aims to validate the Company’s
technology and provides Nauticus with the opportunity to qualify
for future contracts with Equinor.
“The project for Equinor highlights the
versatility of our fleet offering and the increasing need for
technologies like ours to address the many challenges for subsea
operations in Norway and around the globe,” said Nicolaus Radford,
CEO of Nauticus. “This milestone is yet another example of how we
are at the forefront of this technical revolution and are changing
how work is done in our precious oceans.”
About Nauticus
Nauticus Robotics, Inc. is a developer of ocean
robots and artificial intelligence for autonomous services to the
marine industries. Nauticus’ robotic systems and services are
delivered to commercial and government-facing customers through a
Robotics-as-a-Service (RaaS) business model and direct product
sales for both hardware platforms and software licenses. Besides a
standalone service offering and products, Nauticus’ approach to
ocean robotics has also resulted in the development of a range of
technology products for retrofitting/upgrading legacy systems and
other third-party vehicle platforms. Nauticus provides 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 Equinor
Equinor is an international energy company
committed to long-term value creation in a low-carbon future.
Equinor’s purpose is to turn natural resources into energy for
people and progress for society.
Equinor’s portfolio of projects encompasses oil
and gas, renewables, and low-carbon solutions, with an ambition of
becoming a net-zero energy company by 2050. Equinor is the largest
exporter of pipeline gas to Europe and operator of Europe’s only
large-scale LNG plant at Hammerfest, Norway.
Headquartered in Stavanger, Norway, Equinor is
the leading operator on the Norwegian continental shelf, present in
around 30 countries 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 2023 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
that 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 March 28, 2023, Quarterly
Report on Form 10-Q/A filed with the SEC on August 10, 2023, and
Quarterly Report on Form 10-Q filed with the SEC on August 14,
2023. 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.
Investor Relations Contact:
Ralf EsperGateway Group, Inc. (949)
574-3860KITT@gateway-grp.com
Media Contact:
Zach KadletzGateway Group, Inc. (949)
574-3860KITT@gateway-grp.com
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