CNN is now reporting that the debris found at the bottom of the ocean near the Titanic wreckage site has been “assessed to be from submersible,” and, moments ago, OceanGate Expeditions released a statement to the news organization confirming that the 5 members on board have tragically died.

OceanGate shared a statement with CNN confirming that those on board – British billionaire Hamish Harding, British businessman Shahzada Dawood and his 19-year-old son Suleman, former French Navy diver Paul-Henry Nargeolet, and chief executive of OceanGate (the company running the voyage) Stockton Rush – “have been lost.” It is thought that the sub imploded en route to the wreckage site.

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“We now believe that our CEO Stockton Rush, Shahzada Dawood and his son Suleman Dawood, Hamish Harding, and Paul-Henri Nargeolet, have sadly been lost,” OceanGate said in a statement (via Variety). “These men were true explorers who shared a distinct spirit of adventure, and a deep passion for exploring and protecting the world’s oceans. Our hearts are with these five souls and every member of their families during this tragic time. We grieve the loss of life and joy they brought to everyone they knew.”

Portions of the external hull of the Titan submersible vessel were discovered at approximately 8:55 am. The debris that was found was about 1600 feet from the Titanic. CNN also reports that the debris field found indicated a “catastrophic failure” of the expedition.

A press conference is happening at 3pm ET.

Our thoughts are with the 5 victims of this tragedy and all of their loved ones during this time.