The submarine, carrying passengers en route to the renowned wreckage of the Titanic in the midst of the Atlantic Ocean, vanished around two hours after embarking on its journey.

Sadly, calculations indicate that the vessel's air reserves would have depleted at 12:08pm UK time (7:08am EST) on June 22, marking a tragic turn of events.

In light of a significant update confirming the discovery of debris during the search, it is with great sadness that the loss of the crew members has been officially announced.

OceanGate's full statement reads: "We now believe that our CEO Stockton Rush, Shahzada Dawood and his son Suleman Dawood, Hamish Harding, and Paul-Henri Nargeolet, have sadly been lost.

"These men were true explorers who shared a distinct spirit of adventure and a deep passion for exploring and protecting the world's oceans.

"Our hearts are with these five souls and every member of their families during this tragic time. We grieve the loss of life and joy they brought to everyone they knew."

It continues: "This is an extremely sad time for our dedicated employees who are exhausted and grieving deeply over this loss.

"The entire OceanGate family is deeply grateful for the countless men and women from multiple organizations of the international community who expedited wide-ranging resources and have worked so very hard on this mission.

"We appreciate their commitment to finding these five explorers, and their days and nights of tireless work in support of our crew and their families.

"This is a very sad time for the entire explorer community, and for each of the family members of those lost at sea.

"We respectfully ask that the privacy of these families be respected during this most painful time."

During a press conference held by the US Coast Guard, officials have officially confirmed the discovery of debris 'consistent with the catastrophic loss of the pressure chamber.'

According to reports, an ROV (Remotely Operated Vehicle) successfully located the tail cone of the Titan submersible approximately 1600ft away from the bow of the Titanic wreck. This particular area lacks any debris originating from the ill-fated ship's wreckage.

According to officials, a total of five significant fragments have been identified within the debris, which encompass a nose cone, components outside the pressure hull, and a more extensive field of scattered wreckage, as reported by the BBC.

The US Coast Guard will persist in their investigation of the site, aiming to uncover additional details regarding this tragic event.