The Titan submersible, which was on a tour to see the wreckage of the Titanic, experienced a catastrophic implosion.
All five people on board the Titan, including the CEO of OceanGate, Stockton Rush, are believed to have perished.
OceanGate Expeditions expressed condolences for the lives lost and the joy they brought to everyone.
The specific details surrounding the incident and the cause of the crew members' death are still unknown.
The Titan submersible had an estimated 96-hour oxygen supply, which likely ran out on Thursday.
Survivability could have been extended if passengers took measures to conserve breathable air.
The crew members on the Titan submersible included Stockton Rush, Hamish Harding, Shahzada Dawood, Suleman Dawood, and Paul-Henri Nargeolet.
OceanGate had previously conducted successful expeditions to the Titanic wreck site, transporting 46 individuals.
Ongoing search and investigation efforts involve the use of undersea robots equipped with cameras, lights, and arms.
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