Get 40% Off
💰 Buffett reveals a $6.7B stake in Chubb. Copy the full portfolio for FREE with InvestingPro’s Stock Ideas toolCopy Portfolio

Titanic sub firm's late CEO was committed to safety, says co-founder

Published 06/23/2023, 10:13 AM
Updated 06/23/2023, 10:57 AM
© Reuters. FILE PHOTO: The Titan submersible, operated by OceanGate Expeditions to explore the wreckage of the sunken SS Titanic off the coast of Newfoundland, dives in an undated photograph.  OceanGate Expeditions/Handout via REUTERS/File Photo

MADRID (Reuters) - The co-founder of OceanGate Expeditions, which owned the submersible that imploded during a dive to the Titanic wreck, defended on Friday the chief executive's commitment to safety and risk management after he died with four others on the craft.

Guillermo Söhnlein, who co-founded OceanGate with Stockton Rush in 2009, left the company in 2013, retaining a minority stake. Rush was piloting the Titan submersible on the trip that began on Sunday. Debris from the vessel was found on Thursday.

"Stockton was one of the most astute risk managers I'd ever met. He was very risk-averse. He was very keenly aware of the risks of operating in the deep ocean environment, and he was very committed to safety," Söhnlein told Reuters.

"I believe that every innovation that he took ... was geared toward two goals: One, expanding humanity's ability to explore the deep ocean. And secondly, to do it as safely as possible," he said in video interview from his home in Barcelona.

Söhnlein said the public should refrain from speculating about the cause of the disaster and wait for the release of any official report after data had been collected and analyzed.

Questions about Titan's safety were raised in 2018 during a symposium of submersible industry experts and in a lawsuit by OceanGate's former head of marine operations, which was settled later that year. This incident has prompted further debate.

"There's going to be a time for (making assessments), and I don't think right now is the right time to do that," he said.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.