The wreckage of the OceanGate submersible Titan has been discovered, marking the first sighting since the tragic incident that claimed the lives of all five individuals aboard.

They were en route to the Titanic wreck site when a "catastrophic implosion" occurred, leading to the submersible losing contact with the surface and resulting in instant fatalities.

The submersible had been on a dive to explore the Titanic wreck when it lost contact with the pilot ship Polar Prince after approximately an hour and 45 minutes.

Extensive search and rescue efforts, spearheaded by the US Coast Guard, were carried out following the submersible's disappearance on June 18th. Unfortunately, these efforts proved unsuccessful.

Initially, it was believed that there might be up to 96 hours of emergency oxygen on board the submersible. However, this time limit has since expired.

Following an extensive search, authorities announced the discovery of debris near the area where the submersible was believed to have gone missing, approximately 600km off Newfoundland.

US Coast Guard Rear Admiral John Mauger, leading the search, stated that the recovered debris appeared to be from a pressure chamber, suggesting a significant loss occurred.

Tragically, the five individuals on board were identified as OceanGate CEO Stockton Rush, British billionaire Hamish Harding, French diver and Titanic expert Paul-Henry Nargeolet, and father and son Shahzada and Suleman Dawood.

OceanGate expressed their deep sorrow in a statement preceding the USCG's announcement, conveying the belief that Stockton Rush, Shahzada Dawood, Suleman Dawood, Hamish Harding, and Paul-Henri Nargeolet had all 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."

"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," the statement went on.

"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."

Authorities will launch an investigation into the safety of the submersible and the details surrounding the search and rescue operation.