OceanGate suspends operations after its Titan submersible imploded on its way to the Titanic

The company that owned a submersible, which imploded on its way to explore the wreck of the Titanic, said on Thursday that all five onboard were killed and operations were suspended.

Stockton Rush, the pilot and CEO of the company, was among those who died in the implosion of the submersible. When contacted for more details, a representative declined to provide further comments. OceanGate disclosed the incident through a concise statement placed at the top of its website.

Investigators believe that the remains of humans, likely recovered from the wreckage of the submersible that descended deep into the North Atlantic waters in June, have been examined by medical officials. The Coast Guard said that the imploded Titan, which made its descent last week, was likely the source.

ROVs, also known as remotely operated vehicles, were used to retrieve debris from the ocean floor, approximately 12,500 feet (3,810 meters) underwater. The wreckage pieces from the ship were later brought to a port in Canada, approximately 1,600 feet (488 meters) away from the Titanic.

The Coast Guard did not provide a response to an emailed inquiry on Thursday. The collapse has led to the U.S. Coast Guard scheduling a Marine Board of Investigation, which represents its most extensive form of inquiry. Additionally, the Coast Guard intends to conduct a public hearing at a later date.

Other site’s features were broken, and it wasn’t possible to book a trip, but the site still contained a photo of the world’s most famous “shipwreck” along with the tagline to explore the Titanic wreck. In its statement on Thursday, OceanGate said that all commercial operations and exploration have been suspended.

Later on Thursday, Andrew Von Kerens, a representative for OceanGate, stated that the company was not providing any further details.

OceanGate, based in Everett, Washington, is registered in the Titanic for the purpose of conducting dives to the depths of the Titan’s dives, which are associated with the company and OceanGate Expeditions in the Bahamas.

The prolonged search and eventual retrieval of wreckage from the 22-foot (6.7-meter) boat garnered global attention.

Law School professor Richard Daynard of Northeastern University stated that OceanGate’s options are definitely limited and completely shut down. Additionally, experts in the legal field have mentioned that OceanGate may also face legal action from Titan’s parts manufacturer. However, they have clarified that only family members of those killed are expected to file lawsuits against OceanGate.

“There’s basically no possibility of recovering compensation” from the company if it’s no longer in operation, he mentioned.

Additionally, the passengers who were planning to go on an expedition with OceanGate, which could be a emotionally and physically traumatizing experience involving death, trauma, emotional distress, disability, and physical injury, were likely asked to sign liability waivers.

The company charged each passenger $250,000 to participate in the voyage. Paul-Henri Nargeolet, an expert on the Titanic, and Hamish Harding, a British adventurer, were also part of the company. Additionally, two members of the prominent Pakistani Dawood Shahzada family, Dawood Suleman and his son, were killed in the implosion.

Officials from the safety board did not reply to emailed inquiries for comment on Thursday. The Polar Prince, the Canadian-flagged main vessel of Titan, is currently being investigated for safety by the Transportation Safety Board of Canada.