OceanGate

About OceanGate

OceanGate Inc. was a privately held American company, founded in 2009 by Stockton Rush and Guillermo Söhnlein, with the stated mission of increasing access to the deep ocean for exploration, research, and tourism. Headquartered in Everett, Washington, the firm aimed to develop a fleet of commercial submersibles available for lease and charter. Rush, who served as CEO, brought a background in aerospace engineering and venture capital, driven by a long-held interest in exploration that shifted from space to the deep sea. Söhnlein, who left the company in 2013 but retained a minority stake, handled the initial business operations before the company pivoted more heavily toward engineering under Rush's direction.

The company's business model centered on providing crewed submersible services for a diverse clientele, including researchers, filmmakers, and high-net-worth individuals designated as "mission specialists." Revenue was generated by chartering its vessels for expeditions and, most notably, through high-value tourist expeditions. Early operations utilized a purchased submersible, 'Antipodes', for dives off California and in the Gulf of Mexico, with passenger fees ranging from $7,500 to $40,000. The company's profile grew significantly when it began offering expeditions to the wreck of the Titanic, priced at $250,000 per person, which served as a key funding mechanism for its operational and development costs.

OceanGate's fleet evolved over time. After acquiring 'Antipodes', a steel-hulled vessel rated for 300 meters, the company developed its own submersibles. The 'Cyclops 1' is a five-person, steel-hulled submersible capable of reaching depths of 500 meters, which was used for various scientific and commercial dives. The company’s most ambitious project was the 'Titan' (initially 'Cyclops 2'), designed to reach depths of 4,000 meters. A key design feature of the Titan was its five-inch-thick hull, constructed from a combination of filament-wound carbon fiber and titanium end caps, a departure from the all-metal pressure vessels typical of deep-diving submersibles. On June 18, 2023, during a dive to the Titanic wreck, the Titan suffered a catastrophic implosion, resulting in the death of all five occupants, including CEO Stockton Rush. In the aftermath of the tragedy, OceanGate suspended all exploration and commercial operations in July 2023.