OceanGate announced Thursday the suspension of "all exploration and commercial operations" on its website.
The decision comes after the Titan submersible suffered a catastrophic implosion during a mission to the Titanic shipwreck last month.
The disaster left the company's CEO and four passengers dead.
Communication with the Titan submersible, owned and operated by OceanGate Expeditions, a private research and ocean adventure tourism company that made a tourist visit to the wreck of the Titanic ship in the Atlantic Ocean on June 18, was cut off shortly after the dive.
Studies determined that the submersible imploded and sank and the five onboard were killed.