I think it's likely that most of the tic-tac things were some kind of projected image. It's the easiest way to explain the non-inertial movement of the object, and the bubbling ocean underneath: that was the projector station, possibly one of many.

David Fravor, while I believe he is credible, doesn't seem to be really giving the full picture. I think he's being careful in what he says for a reason. I think this is some kind of developing military technology, most governments probably have a vague idea of how it works and who is doing it but maybe they are not certain. A huge red flag is how non-chalant Fravor is about the whole ordeal. Even if you're not initially a UFO-hunter, I would think that such an experience would make any sane person start taking the possibility of aliens on earth more seriously. Because this didn't happen, I have to believe that Fravor has some additional information making him think this phenomena has a terrestrial source.

Someone with a more conspiratorial outlook might say that this is controlled disclosure, possibly intended to distract from more mundane Earthly political issues.