It is not all programming and accounting for Oracle bosses - funding high jinx on the oceans is part of the mix.

America's Cup holders Oracle have showcased the perils of the new catamarans with grinder Graeme Spence surviving a high speed fall into the water.

Oracle have only just launched the 50-foot foiling cat they hope will see them retain the Auld Mug when racing starts in Bermuda in late May.

Already the seas trials have had their dramas.

GETTY IMAGES The new America's Cup catamarans are 20 per cent smaller but 20 per cent faster than the giants that sailed in San Francisco in 2013 when Oracle defended the trophy in this foiling 72-footer.

Oracle released a video of Spence taking a tumble that saw him being swept back past the four knife-like edges of the foils and rudders.

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It was a huge moment of relief when the big Australian was spat out the back of the boat safely.

"You're very aware of everything that's around you," Spence said later.

"The four foils that are in the water with you, so I just kind of froze a little bit and was quite relieved to realise I was out the back of the boat."

Oracle skipper Jimmy Spithill said it was a nervous couple of seconds as they awaited Spence's fate in the water.

"Any time someone goes over the front of one of these boats in any situation, the chances of not getting hit by the four appendages in the water are pretty slim," Spithill explained.

"It's a real fear. Any time you hear or someone go over the front, it's a real bad feeling.

"That time from when you see him go over the front to when you see him pop back up on the surface and give the thumbs up always takes too long."

Team France skipper Franck Cammas nearly had his right foot sliced off when he fell overboard in a training accident on their test boat in November 2015 and he hit one of the rudders.

Cammas needed extensive surgery to save the foot. He remains in charge of the French syndicate and will helm their boat in Bermuda.

The new America's Cup catamarans are 20 per cent smaller but 20 per cent faster than the 72-foot giants that sailed in San Francisco in 2013 when Oracle defended the trophy with their remarkable comeback against Team New Zealand.

All the teams are practicing extensive safety procedures.

In the buildup to the 2013 regatta Sweden's Artemis Racing suffered a training crash where crew member Andrew "Bart" Simpson was killed.