5.8 billion VND/ticket to see the Titanic wreck, billionaire submariner does it out of passion, no profit yet

Stockton Rush is CEO of OceanGate Expeditions

Stockton Rush was one of five people on board the submarine that went missing in the Atlantic Ocean on June 18. He is also the CEO of the ocean floor exploration service provider OceanGate Expeditions.

“Like space tourism , we see this as an opportunity for people to explore this legendary shipwreck,” Stockton Rush once shared.

Stockton Rush believes that exploring the ocean floor is a profitable business model because it is much more accessible than space.

He once held the view that if it were impossible to live on the surface of the Earth in the future, the future of humans would be underwater, not on Mars.

He analyzed that the cost of 250,000 USD is only a small fraction of the cost of flying into space. He spent a lot of time on his passion for ocean exploration and found a way to make money from a service for the rich who were willing to spend thousands of USD to see the Titanic through a glass window.

Rush founded OceanGate in 2009, based in Washington, D.C. In 2015, the company introduced a submarine capable of diving to depths of 1,600 feet (487 m).

OceanGate has operated three submersibles since its inception, with the first two – Antipodes and Cyclops 1 – able to reach depths of around 300 and 500 metres respectively.

OceanGate's only submersible that can reach the Titanic wreck is called Titan. Titan is equipped with a 5-inch (12.7 cm) thick carbon fiber hull and a titanium dome structure at the stern.

In 2018, during a test run in the Bahamas, his submarine was struck by lightning, destroying its electrical system. In 2019, the project was again halted at the last minute due to problems in leasing the ship that would transport the expedition team and equipment.

Titan is said to be the world's first private submersible to dive to a depth of 4,000m, reaching the site of the Titanic's sinking.

As of 2023, the company has organized 18 expeditions. Many other companies also offer submarine diving services, but they usually only go to low depths, allowing visitors to see coral reefs and shallow seabeds.

Rush said the company is not yet profitable, due to expensive fuel and other high costs.

Meanwhile, some experts warn that OceanGate's service could pose a dangerous risk to humans.

In 2018, the Ship Technology Association warned that OceanGate's decision could have led to a catastrophic failure.

Stockton Rush was born into a wealthy family in San Francisco. He studied aerospace engineering at Princeton University. He also holds an MBA from the University of California at Berkeley.

He is also the founder and board member of the non-profit organization, the OceanGate Foundation, which aims to advance new marine technologies to further the scientific, historical, and archaeological discoveries related to the ocean.

According to Vietnamnet

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