Image released by the US Coast Guard as they search for the Titan submersible. Photograph: US Coast Guard.

OceanGate, the company that owned and operated the submersible that imploded while on an expedition to the Titanic, killing all five passengers on board, has suspended their expeditions indefinitely.

In a statement made on their company website, OceanGate says it “has suspended all exploration and commercial operations.”

People around the globe were glued to their screens checking for updates on the fate of the submersible ever since it went missing just two hours after beginning its trip to the Titanic. It was announced that the submersible had imploded four days after the search began when crews discovered debris believed to be from the submersible.

All five passengers were killed, including OceanGate’s CEO and co-founder Stockton Rush.