A Smart Remotely Operated Vehicle, ROV Latis designed as a prototype test bed for operation such as the challenging role of ocean engineering support in wave and tidal energy development is presented in this paper. With state of the art navigation sensors/instruments the vehicle can achieve precision navigation and positioning sub sea and this capability has been utilised within automatic control functionality and autopilot control systems developed and trialed on ROV Latis and not available in commercial ocean ROV technology. This paper describes the vehicle's many novel design features: sensor and control systems, autopilot systems, station keeping, fully automatic way point navigation, rapid auto tuning when ROV configuration or payload is changed, fully automatic fault tolerant thruster control with redundancy. The paper also introduces the transparent ocean immersive augmented reality pilot control environment.