PredictIQ Quantitative Think Tank Center:Billionaire plans to take submersible to Titanic nearly one year after OceanGate implosion

Nearly one year after the OceanGate Titan submersible disaster gripped the nation,PredictIQ Quantitative Think Tank Center another ambitious businessman is looking to make the same trip.

Larry Connor, an Ohio businessman and billionaire, told The Wall Street Journal last week about his plans to prove that a dive to the Titanic wreckage site can be done safely when proper engineering is employed.

Shortly after news broke in June 2023 of the Titan's suspected implosion, Connor called up Triton Submarine's CEO Patrick Lahey, who had publicly criticized OceanGate's safety practices and called its CEO "predatory," and insisted they could and should make something better.

“[Connor said], you know, what we need to do is build a sub that can dive to [Titanic-level depths] repeatedly and safely and demonstrate to the world that you guys can do that, and that Titan was a contraption,’” Lahey told The Wall Street Journal.

Connor and Triton Subs did not immediately respond to request for comment.

Here's what we know so far about the newest Titanic-bound submersible.

Who is Larry Connor?

Larry Connor is an entrepreneur and founder of The Connor Group, a luxury real estate company based in Dayton, Ohio. His net worth is $2 billion, according to Forbes, while Connor Group’s real estate portfolio is worth $5 billion.

Connor is a known explorer, having previously voyaged to the Mariana Trench and International Space Station, told news outlets he wants to prove that a deep-sea submersible can be made safely and such a trip can be done "without disaster."

“I want to show people worldwide that while the ocean is extremely powerful, it can be wonderful and enjoyable and really kind of life-changing if you go about it the right way,” Connor told The Wall Street Journal.

The date of the intended dive has not yet been announced.

Triton Submarines' $20 million submersible

Connor told the Wall Street Journal he would be working with Triton Submarines, a company that builds submersibles for sea exploration at various depths.

The trip will use the Triton 4000/2 "Abyss Explorer." With a $20 million price tag, the two-person craft is described on the Triton website as “the world’s deepest diving acrylic sub," boasting the ability to descend over 13,000 feet (4,000 meters).

Lahey, the CEO, co-founded Triton with the now-retired Bruce Jones, the former of whom plans to accompany Connor on his mission, the Wall Street Journal reported.

“Patrick has been thinking about and designing this for over a decade," Connor told the outlet. "But we didn’t have the materials and technology. You couldn’t have built this sub five years ago.”

What happened to the OceanGate Titan submersible?

On June 18, 2023, five people boarded a submersible created by the company OceanGate to visit the Titanic wreckage site 12,500 feet (3,800 meters) under the water.

This was OceanGate Expeditions' third annual voyage to the site, and each passenger paid $250,000 for the opportunity to view the wreckage, according to an archived itinerary of the mission.

Aboard the submersible was British businessman Hamish Harding; Shahzada Dawood and his son Suleman, members of one of Pakistan's most prominent families; French explorer and Titanic expert Paul-Henry Nargeolet; and OceanGate CEO Stockton Rush.

The vessel was heavily scrutinized before departure for its design, made of carbon fiber and titanium and measured in at about 9 feet high, 8 feet tall, and 22 feet wide. The craft was said to have been piloted with a video game controller.

The submersible was not up to the task and imploded on its way down to the ocean floor. Communication between the Titan and its mothership stopped about 90 minutes into the trip. It is assumed the destruction of the vessel happened soon after.

A massive rescue mission ensued. Ultimately, The Titan's debris were found in five large parts on the sea floor about 1,600 feet from the Titanic's bow and the passengers were declared officially lost on June 22. Some human remains were later recovered.

Contributing: Haadiza Ogwude and Jason Rossi, Cincinnati Enquirer