By Dakin Andone

(CNN) — The US Coast Guard Marine Board of Investigation tasked with examining the June 2023 implosion of the Titan submersible released its report on Tuesday, with the board chair stating that the deaths of the five people on board were “preventable.”

The report lays responsibility for the tragedy largely at the feet of OceanGate, the Washington-based company that operated Titan. The MBI found the “primary contributing factors” to the implosion were OceanGate’s “inadequate design, certification, maintenance and inspection process for the Titan,” a Coast Guard release said, also pointing to the company’s “toxic workplace culture.”

Follow live updates: US Coast Guard releases report on Titan submersible implosion

The ill-fated expedition seized the world’s attention just over two years ago, when the vessel vanished during a dive to the wreck of the Titanic. A massive search operation unfolded in the North Atlantic, but the submersible’s mangled wreckage was found on the ocean floor.

Stockton Rush, the founder and CEO of the vessel’s operator, OceanGate; businessman Shahzada Dawood and his 19-year-old son, Suleman Dawood; businessman Hamish Harding; and French diver Paul-Henri Nargeolet were all killed. Those remains were matched to the five men on board through DNA testing and analysis, the Marine Board of Investigation previously said.

“The two-year investigation has identified multiple contributing factors that led to this tragedy, providing valuable lessons learned to prevent a future occurrence,” Jason Neubauer, the MBI chair, said in the statement. “There is a need for stronger oversight and clear options for operators who are exploring new concepts outside of the existing regulatory framework.”

OceanGate is no longer operating, but a spokesperson on Tuesday extended its condolences to the families of those killed in the implosion.

“We again offer our deepest condolences to the families of those who died on June 18, 2023, and to all those impacted by the tragedy,” the spokesperson said. “After the tragedy occurred, the company permanently wound down operations and directed its resources fully towards cooperating with the Coast Guard’s inquiry through its completion.”

Read the full report below:

This story has been updated with additional information.

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