Sliding mode control is a very attractive control scheme because of its robustness against both structured and unstructured uncertainties as well as external disturbances. In this way, it has been widely employed for the dynamic positioning of remotely operated underwater vehicles. Nevertheless, in such situations the discontinuities in the control law must be smoothed out to avoid the undesirable chattering effects. The adoption of properly designed boundary layers has proven effective in completely eliminating chattering, however, leading to an inferior tracking performance. This work describes the development of a dynamic positioning system for remotely operated underwater vehicles. The adopted approach is primarily based on the sliding mode control strategy and enhanced by an adaptive fuzzy algorithm for uncertainty/disturbance compensation. Using the Lyapunov stability theory and Barbalat’s lemma, the boundedness and convergence properties of the closed-loop signals are analytically proven. The performance of the proposed control scheme is also evaluated by means of numerical simulations.