The company responsible for the submersible that imploded last month, killing five, suspended all operations on Thursday.
OceanGate Expeditions posted the update on its website.
The company’s CEO led the group on a sight-seeing expedition last month to the Titanic wreckage 12,500 feet below surface level in the Atlantic Ocean.
The Titan submersible accident killed CEO Stockton Rush, British businessman Hamish Harding, Shahzada Dawood and his son, Suleman, from Pakistan; and Frenchman Paul-Henri Nargeolet, a Titanic expert.
OceanGate, founded in 2009, was recently valued at $60 million, S&P Global Market Intelligence records said, according to The Seattle Times.
The company used the submersible to take tourists to the 111-year-old Titanic remains at $250,000 per ticket.
The 23,000-pound Titan was about 1 hour and 45 minutes into a dive toward the Titanic when it lost contact with its mothership on June 18, CNN reported.
The U.S. Coast Guard said the Marine Board of Investigation will be conducting “further analysis and testing” on the evidence from the scene.
“There is still a substantial amount of work to be done to understand the factors that led to the catastrophic loss of the TITAN and help ensure a similar tragedy does not occur again,” Marine Board of Investigation Chair Capt. Jason Neubauer said in a statement on June 28.
It’s unclear how much liability OceanGate will have in the wake of the tragedy. The company required all passengers to sign a liability waiver before boarding.
“I hereby assume full responsibility for the risk of bodily injury, disability, death, and property damage due to the negligence of any Released Party while involved in the operation,” the document states, according to the Daily Mail.
Some legal experts have suggested OceanGate’s waiver might be null and void if challenged because the company refused safety inspections and ignored warnings.
The company fired Director of Marine Operations David Lochridge in 2018 after disagreeing with his call for rigorous safety checks, including “testing to prove its integrity,” the Daily Mail reported.
