OceanGate, the underwater exploration company that experienced a tragic incident where their submersible imploded during a dive to the Titanic wreck, was the recipient of a $447,000 government loan through the Paycheck Protection Program (PPP), according to records. The loan was obtained in April 2020, during the initial phase of the pandemic program, and was specifically used to cover the company’s payroll costs during the COVID-19 shutdowns. These details were made public by ProPublica.
Fortunately, OceanGate fully met the requirements of the program, which included using the funds for their intended purpose and avoiding any employee layoffs. As confirmed by records, the loan amount was eventually forgiven. At the time, OceanGate had 22 employees.
Tragically, OceanGate’s founder and CEO, Stockton Rush, was one of the victims of the recent incident involving the Titan submersible. The other passengers aboard the submersible were Shahzada Dawood and his son Suleman Dawood, British adventurer Hamish Harding, and Titanic expert Paul-Henri Nargeolet. Rush had previously mentioned in October 2020 that the company used the business pause during the pandemic to construct a new and sturdier hull for the Titan, addressing concerns raised during deep-water tests.
GeekWire reported that the fabrication of the new hull took place at Electroimpact and Janicki Industries, both located in Washington state.
In July 2021, the Titan successfully completed its first dive to the Titanic wreck site, reaching a depth of 3,800 meters. OceanGate issued a press release expressing their efforts in overcoming significant engineering, operational, business, and pandemic-related challenges to achieve this milestone. Rush, who was piloting the Titan during the ill-fated dive, expressed his pride in the team and appreciation for their partners’ support.
The investigation into the incident is ongoing. Rear Adm. John Mauger, from the First Coast Guard District, confirmed that the search area would also serve as the focus of the inquiry as debris from the submersible was discovered there. Mauger acknowledged the complexity of the case due to its remote location and involvement of individuals from multiple countries.
A senior US Navy official stated that an analysis of acoustic data conducted after the Titan was reported missing revealed an anomaly consistent with an implosion or explosion in the vicinity where the submersible was operating when communications were lost. However, the official emphasized the sensitivity of the acoustic detection system used and spoke anonymously.
Initial search efforts were intensified after the Titan was reported overdue on Sunday, having launched earlier that day. Despite hopes of finding the crew alive, the Coast Guard later confirmed that the submersible’s air supply would have been depleted by Thursday, extinguishing any possibility of survival. Debris discovered approximately 1,600 feet from the Titanic indicated a catastrophic loss of the pressure chamber.
Various tributes and expressions of gratitude were shared worldwide for those who tragically lost their lives in the incident. The Harding family remembered their loved one as a remarkable individual who pursued his passion. The Dawood family, in a statement infused with a Quranic verse, thanked the search and rescue teams for their unwavering efforts. Christian Pétron, a close friend and colleague of Nargeolet, revealed his immediate concerns about an implosion given the extreme pressure experienced at the depths the submersible was operating.
Renowned filmmaker James Cameron, who has personally explored the Titanic wreckage, conveyed his certainty that a catastrophic event had occurred upon learning of the submersible’s loss of navigation and communication. He emphasized the futility of the search efforts, as the remotely operated vehicle deployed later swiftly located the submersible.
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