Yahoo TV

STORY: Their submersible was found in pieces from a "catastrophic implosion" that killed everyone aboard, the U.S. Coast Guard said on Thursday (June 22), ending a multinational five-day search for the vessel.

A robotic diving vehicle deployed from a Canadian ship discovered a debris field from the submersible Titan on Thursday (June 22) morning on the seabed some 1,600 feet (488 meters) from the bow of the Titanic, 2 1/2 miles (4 km) beneath the surface, in a remote corner of the North Atlantic.

Speaking from his home in Barcelona, Guillermo Sohnlein -- who cofounded the U.S.-based company OceanGate Expeditions with chief executive office Stockton Rush in 2009 -- said that regulations on the industry were often ''antiquated.''

Sohnlein says he has not been involved with the company for 10 years, but media reports say he remains a minority shareholder.