Shares of ocean robots and autonomous services provider Nauticus Robotics (NASDAQ:KITT) are on the rise today after it bagged a contract from Petrobras to support its offshore activities.
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Under the deal, Nauticus will deploy its autonomous subsea robot, Aquanaut, in Petrobras’ Deepwater Production Field for inspection services. Impressively, with two months of subsea inspection time, this is one of the largest contracts of its type globally.
For Nauticus, the win means an expanded international footprint in South America and the potential for future contracts with Petrobras.
Further, the company pegs a potential market worth more than $100 million a year from this contract, and Nicolaus Radford, its CEO commented, “A contract with another worldwide leading operator for Nauticus speaks to the state-of-the-art technologies of our autonomous robots as we further penetrate the global markets.”
Despite today’s price gains, Nauticus shares are still down nearly 80.3% over the past year.
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