Oisin Fanning. Bloomberg
Oisin Fanning. Bloomberg
Oisin Fanning. Bloomberg
Oisin Fanning. Bloomberg

Dubai businessman who explored Titanic on missing sub dismisses safety concerns


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Follow the latest news on the missing Titanic sub here

A businessman who explored the Titanic on the missing Titan submersible has dismissed safety concerns related to the vessel, and said he experienced no problems during his “amazing” trip last year.

UAE-based Oisin Fanning, who was accompanied on the trip by two of the crew members currently on board the missing craft, spoke about his own experience of visiting the wreck, which lies about 3.9km below the surface.

He spoke about his own experience on the craft and said he did not feel unsafe at any point, dismissing concerns which have emerged about it in recent days.

The single window craft, a 22ft tube with no seats, has one toilet and only a curtain for privacy and is steered using a modified Logitech games controller.

“It’s a highly strong composite. It doesn’t crack,” said Mr Fanning, the chief executive of UK-listed oil and gas exploration firm San Leon Energy.

“That’s why you can’t get out of it. The dome is sealed solid. There can’t be a leak.”

Mr Fanning was responding to reports that former employee of OceanGate raised concerns over the safety of the vessel in an engineering report in 2018.

David Lochridge, OceanGate’s director of marine operations, wrote that the craft under development needed more testing and that passengers might be endangered when it reached “extreme depths,” according to a lawsuit filed that year in US District Court in Seattle.

OceanGate sued Mr Lochridge that year, accusing him of breaching a non-disclosure agreement, and he filed a counterclaim alleging that he was wrongfully fired for raising questions about testing and safety. The case settled on undisclosed terms several months after it was filed.

The case was just one of several concerns raised about the vessel.

OceanGate also received another warning in 2018, this one from the Marine Technology Society, which describes itself as a professional group of ocean engineers, technologists, policy-makers and educators.

In a letter to company founder Stockton Rush – one of those on board the missing sub – the society said it was critical that the company submit its prototype to tests overseen by an expert third party before launching in order to safeguard passengers.

Mr Rush, who describes it as an experimental vessel, had refused to do so.

Search for missing Titanic tourist submersible continues - video

The letter, reported by the New York Times, said society members were worried that “the current experimental approach adopted by Oceangate could result in negative outcomes (from minor to catastrophic) that would have serious consequences for everyone in the industry.”

In a 2019 interview with Smithsonian magazine, Mr Rush complained that the industry’s approach was stifling innovation.

“There hasn’t been an injury in the commercial sub industry in over 35 years,” he said.

“It’s obscenely safe because they have all these regulations. But it also hasn’t innovated or grown – because they have all these regulations.”

Passengers know the risks

Mr Fanning said he underwent extensive training ahead of the trip last year, which he described as “amazing”. He was accompanied by both Paul Henry Nargeolet and Mr Rush, the found of Oceangate, the company that owns the submersible on the dive.

“More people have been in space than have been to the Titanic,” he said. “We knew the dangers of course.

“You are aware of it but you can’t dwell on it. You just have to hope everything goes according to plan.”

He told The National the craft has blankets and other devices on board to remove carbon dioxide from the air to give passengers longer if they need rescuing.

“You can actually see the oxygen levels go up as they are applied,” he said.

“The blankets wrap around you and at the same time as keeping you warm get rid of the carbon dioxide just as an added bonus.”

Another device on board, which uses pellets to remove carbon dioxide from the air, works to extend the amount of breathable air.

Titanic tourist submersible goes missing – in pictures

He said he believed the sub must be trapped, as a safety measure meant weights would automatically release after 24 hours.

“You drop the weights. And if you are incapacitated for whatever reason, the weights drop themselves after 24 hours. They are biodegradable,” he told The National.

“So the only thing preventing them from coming up, honestly, is to be caught on something.

“There’s also another scenario in which they did come up and the boat didn’t see them because they are semi-submersible.

“The only thing that would pick them out is an airplane.”

Passengers need to preserve oxygen

Mr Fanning said those on board would be encouraged to stay calm.

The Titan has five people on board, including Dubai-based British billionaire adventurer Hamish Harding.

The others on board are Shahzada Dawood, his son Suleman and OceanGate’s chief executive and founder Stockton Rush, together with French submersible pilot Paul-Henri Nargeolet.

The 6.7m (22ft) long OceanGate Expeditions vessel is due to run out of oxygen on Thursday.

“The two businessmen concerned didn’t get to where they are by being panickers. So they will be calm and they will be told to be calm and they will conserve oxygen as much as possible until the ship gets down there.

“I am praying that is the case, that they’re just caught on something because that should be alleviated fairly quickly.”

Lure of the Titanic

He said the vessel felt a little cramped during the dive to the Titanic, but the excitement outweighed any discomfort.

“You are looking at state rooms with baths still in them and lights still on the wall,” he said.

“It’s 110 years later and there are lights on the wall that looked like they were polished yesterday. There is some deterioration of course, but there are some areas that just look amazing. You look through a wall that’s collapsed and you see a bath just sitting there.“

There are only six baths on the whole of the Titanic. The captain’s bath was visible but has now collapsed in.”

Jim Bellingham, a pioneer in the field of autonomous marine robotics, who heads the Johns Hopkins Institute for Assured Autonomy and has developed multiple small autonomous underwater vehicles, says the pressure a vessel comes under at 3,800 metres is immense.

“It's over 5,000 pounds per square inch,” explained Mr Bellingham. “It is a lot of weight that is crushing down on every point of the sphere.”

The titan is designed in cylinder shape as opposed to the preferred sphere shape.

“The problem with the cylinder is you have to make the material twice as thick,” he told The National.

Mr Bellingham says he has lost unmanned submersibles before.

“I have lost a lot of underwater vehicles and I found them all again,” he said. Part of his recovery process involved brainstorming all the possible ways the vessel could have become lost, something he says the US Coast Guard has undoubtedly done as well in its search process.

He said he was encouraged by news that a Canadian P3 aircraft picked up banging sound while searching for the Titan.

“You can speculate what has happened is that they dropped a sonobuoy, which are quite sensitive and if they're picking up some banging, there's a chance that that's them. That its people in the vehicle hitting the vehicle trying to get someone's attention,” he said.

The submersible lost contact with the mother ship shortly after embarking on its dive to the wreck site early on Sunday.

UAE%20SQUAD
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MATCH INFO

World Cup 2022 qualifier

UAE v Indonesia, Thursday, 8pm

Venue: Al Maktoum Stadium, Dubai

Mobile phone packages comparison
RESULT

Deportivo La Coruna 2 Barcelona 4
Deportivo:
Perez (39'), Colak (63')
Barcelona: Coutinho (6'), Messi (37', 81', 84')

Company name: Farmin

Date started: March 2019

Founder: Dr Ali Al Hammadi 

Based: Abu Dhabi

Sector: AgriTech

Initial investment: None to date

Partners/Incubators: UAE Space Agency/Krypto Labs 

UAE currency: the story behind the money in your pockets
JAPANESE GRAND PRIX INFO

Schedule (All times UAE)
First practice: Friday, 5-6.30am
Second practice: Friday, 9-10.30am
Third practice: Saturday, 7-8am
Qualifying: Saturday, 10-11am
Race: Sunday, 9am-midday 

Race venue: Suzuka International Racing Course
Circuit Length: 5.807km
Number of Laps: 53
Watch live: beIN Sports HD

Timeline

2012-2015

The company offers payments/bribes to win key contracts in the Middle East

May 2017

The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts

September 2021

Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act

October 2021

Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence 

December 2024

Petrofac enters into comprehensive restructuring to strengthen the financial position of the group

May 2025

The High Court of England and Wales approves the company’s restructuring plan

July 2025

The Court of Appeal issues a judgment challenging parts of the restructuring plan

August 2025

Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision

October 2025

Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange

November 2025

180 Petrofac employees laid off in the UAE

THE SPECS

Engine: AMG-enhanced 3.0L inline-6 turbo with EQ Boost and electric auxiliary compressor

Transmission: nine-speed automatic

Power: 429hp

Torque: 520Nm​​​​​​​

Price: Dh360,200 (starting)

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%3Cp%3EAverage%20amount%20of%20biofuel%20produced%20at%20DIC%20factory%20every%20month%3A%20%3Cstrong%3EApproximately%20106%2C000%20litres%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3EAmount%20of%20biofuel%20produced%20from%201%20litre%20of%20used%20cooking%20oil%3A%20%3Cstrong%3E920ml%20(92%25)%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3ETime%20required%20for%20one%20full%20cycle%20of%20production%20from%20used%20cooking%20oil%20to%20biofuel%3A%20%3Cstrong%3EOne%20day%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3EEnergy%20requirements%20for%20one%20cycle%20of%20production%20from%201%2C000%20litres%20of%20used%20cooking%20oil%3A%3Cbr%3E%3Cstrong%3E%E2%96%AA%20Electricity%20-%201.1904%20units%3Cbr%3E%E2%96%AA%20Water-%2031%20litres%3Cbr%3E%E2%96%AA%20Diesel%20%E2%80%93%2026.275%20litres%3C%2Fstrong%3E%3C%2Fp%3E%0A
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Will the pound fall to parity with the dollar?

The idea of pound parity now seems less far-fetched as the risk grows that Britain may split away from the European Union without a deal.

Rupert Harrison, a fund manager at BlackRock, sees the risk of it falling to trade level with the dollar on a no-deal Brexit. The view echoes Morgan Stanley’s recent forecast that the currency can plunge toward $1 (Dh3.67) on such an outcome. That isn’t the majority view yet – a Bloomberg survey this month estimated the pound will slide to $1.10 should the UK exit the bloc without an agreement.

New Prime Minister Boris Johnson has repeatedly said that Britain will leave the EU on the October 31 deadline with or without an agreement, fuelling concern the nation is headed for a disorderly departure and fanning pessimism toward the pound. Sterling has fallen more than 7 per cent in the past three months, the worst performance among major developed-market currencies.

“The pound is at a much lower level now but I still think a no-deal exit would lead to significant volatility and we could be testing parity on a really bad outcome,” said Mr Harrison, who manages more than $10 billion in assets at BlackRock. “We will see this game of chicken continue through August and that’s likely negative for sterling,” he said about the deadlocked Brexit talks.

The pound fell 0.8 per cent to $1.2033 on Friday, its weakest closing level since the 1980s, after a report on the second quarter showed the UK economy shrank for the first time in six years. The data means it is likely the Bank of England will cut interest rates, according to Mizuho Bank.

The BOE said in November that the currency could fall even below $1 in an analysis on possible worst-case Brexit scenarios. Options-based calculations showed around a 6.4 per cent chance of pound-dollar parity in the next one year, markedly higher than 0.2 per cent in early March when prospects of a no-deal outcome were seemingly off the table.

Bloomberg

RESULTS

5pm Maiden (PA) Dh80,000 (Turf) 1,600m

Winner Thabet Al Reef, Bernardo Pinheiro (jockey), Abdallah Al Hammadi (trainer)

5.30pm Handicap (PA) Dh80,000 (T) 1,600m

Winner Blue Diamond, Pat Cosgrave, Abdallah Al Hammadi

6pm Arabian Triple Crown Round-1 Listed (PA) Dh230,000 (T) 1,600m

Winner Hameem, Adrie de Vries, Abdallah Al Hammadi

6.30pm Wathba Stallions Cup Handicap (PA) Dh70,000 (T) 1,400m

Winner Shoja’A Muscat, Szczepan Mazur, Ibrahim Al Hadhrami

7pm Maiden (PA) Dh80,000 (T) 1,200m

Winner Heros De Lagarde, Szczepan Mazur, Ibrahim Al Hadhrami

7.30pm Handicap (TB) Dh100,000 (T) 2,400m

Winner Good Tidings, Antonio Fresu, Musabah Al Muhairi

COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%203S%20Money%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202018%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20London%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Ivan%20Zhiznevsky%2C%20Eugene%20Dugaev%20and%20Andrei%20Dikouchine%3Cbr%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20FinTech%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20%245.6%20million%20raised%20in%20total%3C%2Fp%3E%0A
COMPANY%20PROFILE
%3Cp%3E%0D%3Cbr%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3EClara%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2019%0D%3Cbr%3E%3Cstrong%3EFounders%3A%20%3C%2Fstrong%3EPatrick%20Rogers%2C%20Lee%20McMahon%2C%20Arthur%20Guest%2C%20Ahmed%20Arif%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EDubai%0D%3Cbr%3E%3Cstrong%3EIndustry%3A%20%3C%2Fstrong%3ELegalTech%0D%3Cbr%3E%3Cstrong%3EFunding%20size%3A%3C%2Fstrong%3E%20%244%20million%20of%20seed%20financing%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EWamda%20Capital%2C%20Shorooq%20Partners%2C%20Techstars%2C%20500%20Global%2C%20OTF%2C%20Venture%20Souq%2C%20Knuru%20Capital%2C%20Plug%20and%20Play%20and%20The%20LegalTech%20Fund%3C%2Fp%3E%0A
The specs: 2018 Volkswagen Teramont

Price, base / as tested Dh137,000 / Dh189,950

Engine 3.6-litre V6

Gearbox Eight-speed automatic

Power 280hp @ 6,200rpm

Torque 360Nm @ 2,750rpm

Fuel economy, combined 11.7L / 100km

The biog

Favourite film: The Notebook  

Favourite book: What I know for sure by Oprah Winfrey

Favourite quote: “Social equality is the only basis of human happiness” Nelson Madela.           Hometown: Emmen, The Netherlands

Favourite activities: Walking on the beach, eating at restaurants and spending time with friends

Job: Founder and Managing Director of Mawaheb from Beautiful Peopl

Company info

Company name: Entrupy 

Co-founders: Vidyuth Srinivasan, co-founder/chief executive, Ashlesh Sharma, co-founder/chief technology officer, Lakshmi Subramanian, co-founder/chief scientist

Based: New York, New York

Sector/About: Entrupy is a hardware-enabled SaaS company whose mission is to protect businesses, borders and consumers from transactions involving counterfeit goods.  

Initial investment/Investors: Entrupy secured a $2.6m Series A funding round in 2017. The round was led by Tokyo-based Digital Garage and Daiwa Securities Group's jointly established venture arm, DG Lab Fund I Investment Limited Partnership, along with Zach Coelius. 

Total customers: Entrupy’s customers include hundreds of secondary resellers, marketplaces and other retail organisations around the world. They are also testing with shipping companies as well as customs agencies to stop fake items from reaching the market in the first place. 

Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

Benefits of first-time home buyers' scheme
  • Priority access to new homes from participating developers
  • Discounts on sales price of off-plan units
  • Flexible payment plans from developers
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Updated: June 22, 2023, 9:16 AM