Who are OceanGate; the company behind the Titanic expedition currently missing in the Atlantic Ocean?

With Stockton Rush one of those missing in the Titan submersible, Peopleworld looks at his company - OceanGate.
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Search efforts continue in the Atlantic Ocean today as the search for Titan, a submersible that offers expedition to the wreckage of the Titanic, becomes more critical with oxygen levels now estimated to have around 30 hours remaining. Five people are onboard the vessel, including British businessman Hamish Harding (of Action Aviation) and OceanGate CEO Stockton Rush.

The expedition was overseen by OceanGate, a company specialising in manned submersible technology and underwater exploration. They provide access to the deep ocean for scientific research, exploration, and commercial purposes - the latter the reason for Titan’s last expedition. 

OceanGate has collaborated with renowned research institutions, government agencies, and private organisations to conduct deep-sea expeditions. These partnerships have resulted in discoveries, such as exploring shipwrecks, surveying underwater geology, studying marine biology, and conducting archaeological investigations.

OceanGate's first expedition to the RMS Titanic wreck site was originally planned for the summer of 2018. However, the expedition was delayed due to technical and logistical challenges. After the initial delay, OceanGate announced in 2019 that their first manned mission to the Titanic would take place in 2020 to coincide with the 108th anniversary of the ship's sinking.

They finally managed to undertake their expedition to the Titanic in 2021, with the Titan; a battery-powered submersible capable of diving to depths of up to 4,000 metres (13,123 feet). This latest expedition is only the third time the vessel has taken commercial travellers to the wreck of the ship.

How much is OceanGate worth?

The viewing window in the 5 person Titan submersible while diving into the depths to the Titanic wreckage (Credit: OceanGate)The viewing window in the 5 person Titan submersible while diving into the depths to the Titanic wreckage (Credit: OceanGate)
The viewing window in the 5 person Titan submersible while diving into the depths to the Titanic wreckage (Credit: OceanGate)

According to GrowJo, the annual income that OceanGate receives is $9.9 million USD per year, with the enterprise receiving five rounds of funding since its inception in 2009. OceanGate has raised $27.49M across those funding rounds, with their recent funding coming from a loan for $680,000 USD on April 10, 2020.

What other expeditions have OceanGate undertaken?

According to the company’s website, OceanGate have previously undertaken expeditions to the wreck of the SS Andrea Doria (scientific expedition) with their Cyclops 1 submersible, an ongoing deep-sea expedition with their Antipodes submersible.

OceanGate, as the name suggests, focuses more on deep-sea expeditions than any other environment in terms of scientific and commercial “high-end” expeditions.

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