In case this hasn’t been posted yet:
Titan's depth capabilities were downgraded short of the Titanic
The hull of the Titan vessel "showed signs of cyclic fatigue," according to a January 2020 interview with OceanGate CEO Stockton Rush, who is aboard the missing vessel. Rush told Geekwire that due to that stress, the hull rating was downgraded to a depth of 3,000 meters, 800 meters short of the Titanic's depth.
In a December 2019 slideshow that appears to have been presented to the Deep Submergence Science Committee of the University — National Oceanographic Laboratory System, OceanGate listed the depth capability of the Titan as 3,000 meters.
At the time, the CEO was announcing a new round of funding for the company, which he said would go toward funding new vessels that could go deeper than the Titan.
But in 2021, OceanGate announced that Titan, not another vessel, had completed a trip to the Titanic. There had been no public update about Titan's depth rating since it was downgraded.
On the company's current webpage, however, the site uses the exact same language, but with a different 4,000 meter depth, which puts it beyond the depth of the Titanic: "Titan is a Cyclops-class manned submersible designed to take five people to depths of 4,000 meters (13,123 feet) for site survey and inspection, research and data collection, film and media production, and deep sea testing of hardware and software."
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Sounds like they didn’t get funding to build a new one and decided to chance it with the Titan. When this was successful I guess they thought it was good enough to carry on with. I wonder if their waivers included this little detail?