OceanGate, the US-based company that experienced a tragic incident resulting in the implosion of its submersible during a dive to the Titanic wreck, has announced the suspension of all exploration and commercial operations. The incident occurred two weeks prior, claiming the lives of all five individuals on board.

The Titan submersible was reported missing on June 18, and later, the US Coast Guard confirmed on June 22 that the vessel had suffered a catastrophic implosion, leading to the termination of the rescue operation that had garnered worldwide attention.

Among the victims were OceanGate’s CEO Stockton Rush, British explorer Hamish Harding, French submarine expert Paul-Henri Nargeolet, and Pakistani-British tycoon Shahzada Dawood and his son Suleman. This devastating event has prompted OceanGate to halt its activities as investigations and assessments are conducted.