The paper presents research in the field of underwater wet cutting with the use of flux-cored wires in order to improve the quality and performance. The research has resulted into the development of gas and slag systems for flux-cored wires and determination of, optimal parameters for cutting stability and quality. The underwater wet cutting mechanism is a cyclical process with the formation of periodic keyholes in metal, and it consists of operating and idle cycles. Efficiency of the cutting process can be determined by analyzing cycle times, welding current, voltage, power and a number of short circuits. To assess the stability and efficiency of the underwater wet cutting process, the authors have developed the method for analyzing oscillograms to calculate the probability density of current, voltage and power. To determine the quality of cutting, the authors have provided a criterion based on the ratio of the voltage probability density in the idle and operating cycles.