OceanGate has indefinitely suspended all its expeditions following the implosion of its submarine during a dive to the Titanic wreckage, resulting in the tragic loss of all five individuals on board.
The Titan sub, which had been reported missing on June 18, was confirmed to have experienced a catastrophic implosion by the US Coast Guard on June 22, leading to the termination of the rescue operation that had garnered global attention.
OceanGate, a US-based company, announced on its website that it had halted all exploration and commercial activities in the aftermath of the incident, which claimed the life of its CEO, Stockton Rush.
The other victims included British explorer Hamish Harding, French submarine expert Paul-Henri Nargeolet, and Pakistani-British tycoon Shahzada Dawood and his son Suleman.
Following the discovery of the sub wreckage on the ocean floor, presumed human remains were recovered by experts and transported to the port of St. John’s in Newfoundland, Canada.
It is believed that the victims died instantaneously when the Titan, roughly the size of an SUV car, collapsed under the immense pressure of the North Atlantic at a depth exceeding two miles (nearly four kilometers). A debris field was located 1,600 feet (500 meters) from the bow of the Titanic, situated 400 miles off the coast of Newfoundland.
Prior to the implosion, OceanGate Expeditions charged $250,000 per seat for its submersible trips, but concerns regarding safety policies had previously been raised.
In response to the tragedy, both the US Coast Guard and Canadian authorities have initiated investigations into its cause.
The incident occurred approximately one hour and 45 minutes after the Titan lost contact following its descent into the ocean.
The Titanic, which sank in 1912 after colliding with an iceberg during its maiden voyage from England to New York with 2,224 individuals on board, has been an object of fascination for marine experts and underwater tourists since its discovery in 1985.