[4] The development of the Mark V SOC was very fast-paced, taking only 18 months from the initiation of the program to the actual delivery of the first boat on September 4, 1995.

Prior to the Mk V SOC, SEALs traveled on any form of surface transport available, often resorting to taping lawn furniture to the available craft's deck.

Experience gained during training and operational usage showed the aluminum monohull transmitted the impact with the water to the craft's occupants more readily than a composite hull.

Nicknamed the MAKO, the vessel was developed by a subsidiary of Hodgdon Yachts, in collaboration with the University of Maine's Advanced Engineered Wood Composites Center.

The MAKO is lighter than the current Mk V.[5] The Office of Naval Research funded the prototype "to compare the properties of composite construction with aluminum"[6] versions of the same craft.

They ride on seats that are designed for maximum comfort and shock mitigation in high seas or heavy maneuvering, and allows occupants to either stand or sit.

Its V-hull design gives it good handling qualities in rough water as well as speed and shallow draft (four feet when cruising on-step).

Located at Naval Air Station North Island, San Diego, California is a facility to house operational maintenance, training and administrative functions for 12 Mark V SOC.

[12] The Support Facility building is Bldg 816 on Naval Air Station North Island, next to the Undersea Rescue Command compound.

In 2009, the Kuwait Naval Force signed a $61.6-million contract with United States Marine, Inc. of Gulfport, MS for the design and construction of ten Mark V patrol boats under the Foreign Military Sales (FMS) program for coastal interdiction, and special operations for delivery by June 2013.

[13] On 9 July 2013, Congress was notified of a request from the Royal Saudi Naval Forces to purchase 30 Mark V patrol boats, along with associated equipment, parts, training, and logistical support for $1.2 billion.

[14] Four boats were delivered to Salamis Naval Base, Greece via the Excess Defense Articles programme on 6 April 2020 and are currently in use by the Underwater Demolition Command of the Hellenic Navy.

They will receive the Typhoon MLS-ER weapons system on the stern deck with Spike-ER missiles[15] as part of a deal between the Hellenic government and Rafael.