The crew and passengers of the Titan submersible, which headed for the sunken Titanic and stopped communicating several days ago, are probably dead, according to a statement from OceanGate, the company that operates the ship. CNN reports. 

The U.S. Coast Guard confirmed that the debris found earlier was part of the Titan's hull: a remotely piloted drone found the ship's tail fairing not far from the Titanic's bow. Five people on board are presumed dead.

Titan suffered a "catastrophic implosion," meaning its hull failed to withstand the pressure and was compressed by water at great depths, the Coast Guard said.

The U.S. Coast Guard had previously reported finding unidentified debris near the Titanic. As noted by CNN, they are about 500 meters from the bow of the sunken liner.