OceanGate Developing Revolutionary 3000-Meter Manned Submersible With University of Washington

University’s Applied Physics Lab to Help Design and Develop Groundbreaking New Vessel Aimed at Expanding Oceanic Commercial Exploration and Research

SEATTLE, Washington — May 7, 2013 — OceanGate Inc., (OGI) a global provider of deep-sea manned submersible solutions, has announced a collaboration with the University of Washington’s Applied Physics Lab (APL-UW) on Project Cyclops, a revolutionary new 3000-meter manned submersible which will usher in a new era of increased access to the deep ocean for commercial exploration and research ventures.

Scheduled to debut in 2015, Cyclops will allow up to five engineers, scientists, or explorers to travel up to 3000 meters, or nearly 10,000 below the surface, for a myriad of tasks and operations, ranging from scientific study to oil and gas exploration and supervision. Featuring a large 180 deg viewing dome for collective observation, state of the art building materials and a lightweight design, Cyclops is designed to be the most advanced and mobile deep-sea manned submersible in the world.

Project Cyclops was born out of OGI’s appreciation that the oceans contain expansive resources, from oil and gas reserves to potential cures for cancer, and there is an unanswered demand for a sub-sea vessel with the accessibility, practicality and ability for frequent use to take advantage of these reserves. This unique vision led to the conclusion that a new kind of manned submersible was needed to take a giant step toward harnessing these sub-sea opportunities.

Cyclops will be a game-changer for commercial underwater prospects and to make it a reality, we need the experts at APL-UW,” said Stockton Rush, CEO of OceanGate. “We’ve been collaborating with the APL on a variety of sub-sea technologies for several years, so we knew they would be able to understand the intangibles and complexities of such an advanced design. Project Cyclops will help change the face of undersea exploration and the University of Washington will play a major role in its success.”

APL-UW will be working with OGI to spearhead the development of revolutionary deep dive equipment to be used on the new submersible. Under the $5 million contract, the university will supply a variety of forward-thinking design, engineering and prototyping services to OGI for the next two years.

“We’re eager to begin this project with OceanGate, and to advance the engineering capabilities of undersea submersibles overall,” states Robert Miyamoto, Director of Defense and Industry Programs, UW-APL. “We believe that OceanGate and Project Cyclops will take a massive leap in the use of manned submersibles, and we’re excited to lend our engineering, design and testing credentials to these efforts.”

In addition to Project Cyclops, OGI’s existing manned submersibles are currently under contract by APL-UW for sonar technology testing of advanced autonomous vehicle systems. The manned submersible component will expedite operations by allowing real-time testing of hardware and software and modification of test profiles, helping APL-UW’s researchers reduce operational costs, increase research and development test capabilities, and response times. Testing is scheduled to begin in the fourth quarter of 2013.