Billionaire builds $30 million submersible to reach location

Almost a year after the Titan submersible disasterAn American billionaire has unveiled a new $30 million submarine project to show the Titanic The wreck site can be safely explored.

Ohio real estate magnate Larry Connor plans to travel 12,000 feet to the bottom of the North Atlantic in a two-person submersible, reports the Wall Street Journal.

On June 18 of last year Titan submersible operated by the American exploration company OceanGate, imploded during an expedition to see the Titanic shipwreck, killing five people.

American real estate magnate Larry Connor. (Linkedin/Larry Connor) (Supplied)

OceanGate has suspended all operations and the investigation into the tragedy continues.

The new submersible will be built by Triton Submarines and designed by the company’s co-founder, Patrick Lahey.

He and Connor will travel in the ship, known as Triton 4000/2 Abyssal Explorer, to the site of the famous ocean liner’s shipwreck.

Connor says he wants to “prove that the journey can be done safely.”

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“I want to show people around the world that while the ocean is extremely powerful, it can be wonderful and enjoyable and truly transformative if approached in the right way,” he said.

The submersible has been designed with new technology that has only been available in recent years, Connor said.

The remains of the Titanic have been at the bottom of the North Atlantic since 1912. (CNN)

“Patrick has been thinking and designing this for over a decade. But we didn’t have the materials or the technology,” Connor said. “This submarine could not have been built five years ago.”

The date on which Connor and Lahey plan to make the trip to the Titanic shipwreck site.

Those who died in last year’s disaster at the Titanic wreck site were Stockton Rush, the submersible’s pilot and CEO of OceanGate; two members of a prominent Pakistani family, Shahzada Dawood and his son Suleman Dawood; the British adventurer Hamish Harding; and Titanic expert Paul-Henri Nargeolet.

The company charged passengers $250,000 ($377,000) each to take part in the trip.