OceanGate Is Selling One Of Its Submarines
One of OceanGate’s two remaining submersibles, this one built in 1973, is looking for a new owner.
The Antipodes has been listed for sale for the past five years with no success, according to Steve Reoch, an expedition-yacht broker. The 13.5-foot sub built by Perry Submersibles was purchased by OceanGate’s CEO, Stockton Rush, as the company’s first submersible. Rush was the most recent of its many owners.
Priced at $795,000, Reoch believes there won’t be a buyer, and he wants to distance himself from the vessel. It’s based in OceanGate’s headquarters in Everett, Washington, and is touted as capable of deep-water expeditions, reaching depths of 1,000 feet in the ocean, and accommodating a pilot and up to four crew members comfortably.
Reoch claims that the submersible had a successful track record, with numerous dives, including a shark-spotting expedition with rapper Macklemore on board. Notably, unlike the ill-fated Titan, the Antipodes was classed by the American Bureau of Shipping, indicating that it met industry standards.
Reoch was asked by Rush to sell the Antipodes when the company’s second submersible, the Cyclops, was constructed. Despite OceanGate continuing to use the vessel for expeditions while it was on the market, Reoch has struggled to find legitimate buyers over the years. He anticipates that the submersible will be tied up in litigation for an extended period as OceanGate has ceased all exploration and commercial operations.
Reoch plans to remove the listing soon and wants to dissociate himself from the submersible due to the impending legal issues. He believes that potential buyers are uninterested in the vessel, especially given its association with OceanGate.
He told Business Insider, which first reported on the matter, that selling the submersible would be a waste of time and has been for the past five years.
Information for this story was found via Business Insider, and the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
