Following the tragic implosion of the Titan submersible during its descent to the Titanic wreckage on June 18th, OceanGate has announced the cessation of all its exploratory and commercial activities. The Washington-based company owned and operated the Titan, which suffered a catastrophic failure resulting in the loss of all five individuals on board, including CEO Stockton Rush.

The incident is currently under investigation by the U.S. Coast Guard. It's important to note the distinction between OceanGate, based in the U.S., and OceanGate Expeditions, the Bahamas-registered entity responsible for the Titan's Titanic dives. The Coast Guard has clarified that the Titan itself was not registered in the U.S. and did not possess U.S. Coast Guard certification.