Up For a High-Risk Purchase? The First OceanGate Submersible Is For Sale
Do you have $795,000? Would you have interest in the predecessor to the doomed OceanGate submersible? Because it’s for sale as things wind down at the Titanic travel enterprise after its tragic Titan accident. Called the Antipodes, it’s waiting for its next adventure sitting in Washington state, though we wouldn’t recommend a dip to view the Titanic’s remains.
The truth is that, though it is currently for sale, the Antipodes may never sell. It looks like there will be years of court tie-ups over the terrible implosion of OceanGate’s Titanic submersible last month. Its owner was OceanGate CEO Stockton Rush, who lost his life along with four others while piloting the Titan. Rush’s company sold journeys to the bottom of the ocean to view the remains of the Titanic boat.
Was the Antipodes submersible built by OceanGate?
Rush purchased the Perry Submersibles Antipodes years ago. It was a veteran of many dives and shark-spotting expeditions. Antipodes was originally built in 1973.
The submersible is for sale through a broker, though after the Titan tragedy, he has doubts it will continue to be. That’s because all of OceanGates’ exploration and commercial dives came to a halt after the accident. After the completion of the OceanGate-built Cyclops, Rush decided to sell the Antipodes.
Can the OceanGate Antipodes dive to the depths of the Titanic?
That was five years ago. Throughout that time, it was still hosting explorations, but never as far down to the 12,500-foot depths of the Titanic. It can only dive to a maximum of 1,000 feet. Propulsion comes from six electric thrusters with five hp each.
According to Insider, there is a big difference between the Antipodes and Titan. The Perrys Submersible-built Antipodes have an American Bureau of Shipping classification. That means it was tested and certified to industry standards for up to 1,000-foot dives. The Titan was not certified at all.
Aren’t all OceanGate assets tied up in litigation?
“We’re in the process of disassociating ourselves from the vessel because it won’t sell,” broker Steve Reoch told Insider. “Nobody’s going to be able to sell the submersible for years because of litigation. It’s a waste of my time and has been for five years.” We should note that 46 people made complete dives in the Titan to view the Titanic between 2021 and 2022.
But the expectation is that families of those killed in the Titan will file multiple lawsuits. Not only will OceanGate be a target, but suppliers and those involved in its engineering and construction will also be potential subjects of lawsuits.
Maybe the Antipodes really won’t be for sale
However, if OceanGate shuts down operations, as it appears it has, there will be few if any, damages to recover. And with liability waivers most certainly signed before the exploration began, there may be no legal footing in filing lawsuits. But it does mean any assets won’t be sold until there is a determination of damages.
So consider this a curiosity that has come to the surface after the tragedy of the OceanGate Titan submersible.