After navigating more than a decade of construction problems, regulatory woes and angry investors, Semisub One LLC has finally launched commercial tours in Honolulu with a unique vessel that offers a view of Hawaii’s underwater world.

The company held a blessing and launch Tuesday at Aloha Tower Pier 9.

“It’s not a full-on submarine. It’s not a glass-bottom boat. This vessel lowers 3 feet into the water near a reef, and it’s like scuba diving. It’s a totally different experience. It is mesmerizing,” said Lee Collins, president and CEO of Semisub One LLC.

The company already has been operating tours for a couple of weeks in a soft opening during which the crew is working to get the kinks out of the first-of-its-kind semisubmersible jet-powered catamaran, Collins said.

The 72-foot Semisub One is described as the prototype for a company, Semisub Inc., that ultimately plans to mass-produce these vessels and sell them around the world.

Some folks, including more than 400 investors in the company, wondered whether this day would ever come.

The boat’s development began more than 14 years ago, and construction began in Long Beach, Calif., 11 years ago. In 2011 the Semisub One was brought to Honolulu by owner and founder Curtis Jackson.

But structural flaws and regulatory issues plagued the unusual vessel.

What’s more, Jackson, who previously built and operated Maui E-ticket, a similar submersible vessel in the 1990s, suffered back injuries and cancer, causing further setbacks.

Investors were not happy with the slow progress. Promises were not kept, exaggerations were made and no returns were forthcoming, according to investors, who previously told their stories to the Honolulu Star-Advertiser.

The company has run afoul of security regulators in at least two states and remains under investigation by Hawaii’s Department of Commerce and Consumer Affairs, it was confirmed Tuesday.

In Hawaii, Jackson made claims that mischaracterized relationships with Gov. David Ige, the Disney Aulani Resort and the state Department of Transportation.

Collins, a former executive with the USS Missouri, Polynesian Adventure Tours and Roberts Hawaii, joined the company two years ago and worked to gain the necessary approvals from the U.S. Coast Guard.

Along the way, Jackson worked many long hours trying to get the vessel shipshape despite his health issues, Collins said.

Jackson and his wife, Denise, who is company president, are now working to move to Texas, where Semisub Inc. plans to mass-produce the jet-­powered catamaran.

Collins said he will run the company in Hawaii. There are 22 employees now, but Collins said he expects to eventually hire more than 40 workers.

Capable of carrying up to 149 passengers, SemiSub One has three decks, two bars, a lounge and an IMAX-style theater that will show a video starring Hawaii’s sea life and coral reefs.

Each two-hour-plus cruise will travel to a location known for having lots of underwater life. There each passenger will experience at least one 20-minute underwater viewing session in special compartments on the vessel’s lowest deck.

The submersible catamaran can operate in waters as shallow as 10 feet.

Tours are expected to be offered four times a day with a Friday evening cruise that also will feature viewing of Waikiki’s fireworks.

According to the company, kamaaina and military discounts are being offered through the holidays with tours starting as low as $29 for children and $49 for adults. Regular rates are from $75 to $149 for adults.