This paper presents the steps for developing a low-cost POrtableNavigation Tool for Underwater Scenarios (PONTUS) to be used as a localization device for subsea targets. PONTUS consists of an integrated ultra-short baseline acoustic positioning system aided by an inertial navigation system. Built on a practical design, it can be mounted on an underwater robotic vehicle or be operated by a scuba diver. It also features a graphical user interface that provides information on the tracking of the designated target, in addition to some details on the physical properties inside PONTUS. A full disclosure of the architecture of the tool is first presented, followed by thorough technical descriptions of the hardware components ensemble and the software development process. A series of experiments was carried out to validate the developed prototype, and the results are presented herein, which allow assessing its overall performance.