OceanGate, the deep-sea exploration company that owned the Titan submersible that imploded last month, has announced the suspension of all exploration and commercial operations.
The decision comes in the wake of a tragic incident that claimed five lives, including that of the company's CEO, during a journey to the wreckage of the Titanic.
Established in 2009 and based in Everett, Washington, OceanGate provided tourists with a unique experience to plunge into the ocean's depths in submersibles.
This allowed visitors to witness first-hand shipwrecks and underwater canyons. The company's Titan submersible went missing on June 18 during a voyage to the historic Titanic site.
The five passengers who died in the implosion were British billionaire Hamish Harding, Pakistani businessman Shahzada Dawood (along with his 19-year-old son, Suleman), French explorer Paul-Henri Nargeolet and finally Stockton Rush
According to its website, the company was planning two trips to the ruins for June 2024.
Debris from the missing vessel was discovered on June 22 around 1,600 feet from the bow of the Titanic wreckage.
"Presumed human remains" were found within the debris, as reported by the U.S. Coast Guard last week, per CNN.
The Marine Board of Investigation will carry out "further analysis and testing" on the evidence. Chair Capt. Jason Neubauer stated on June 28.
"There is still a substantial amount of work to be done to understand the factors that led to the catastrophic loss of the TITAN and help ensure a similar tragedy does not occur again."
The National Transportation Safety Board announced that the U.S. Coast Guard will lead the investigation into the fatal incident, while the NTSB will contribute to their efforts. Ex-NTSB investigator Tom Haueter referred to the investigation as "uncharted territory," stating that understanding the failures could take "months."
The Titan has since faced scrutiny regarding its carbon fiber construction and design.
Stockton had previously defended the decision to build the Titan with carbon fiber, arguing its strength-to-buoyancy ratio surpassed that of titanium.
According to the company's website, OceanGate had completed over 14 expeditions and in excess of 200 dives throughout the Pacific, Atlantic, and the Gulf of Mexico. The cost of a seat on its submersible for a Titanic wreckage viewing was a staggering $250,000 per passenger.
