For folks who are interested in the history of deep submersibles I highly recommend the book "Expedition Deep Ocean: The First Descent to the Bottom of All Five of the World's Oceans".
I definitely hope there is a miracle and all souls on board are found alive, but unfortunately I don't feel very optimistic with what I have read about this submersible. It sounds as if Oceangate was not
classed/certified. My remembrance from the book is that to be a classed vessel you not only have to be tested to well beyond the intended MOD, but also complete two open ocean dives to become classified (spec sheet of the Limiting Factor from the Five Deeps expedition
here). It appears Titan was only "
rated" to 4,000m - which is only slightly beyond the depth of the Titanic.
The Limiting Factor suffered a broad range of issues despite its rating, and failed multiple times to reach the Titanic (despite successfully diving the deepest point of all five of the Earth's oceans). Everything from power failures to life support failures and leaks. Going to the depth of the Titanic is far closer to going into space than it is any other sort of typical submarine experience - the crush rating of military submarines is stated at around 900 - 1200m, and even if there is a lot of classified shenanigans, I would be surprised if they were operating at more than 3x that depth.
I can't find any mention anywhere of EPIRBs being on board, and given that the external hatch to the vessel is bolted down from the outside, even if the Titan has surfaced, the crew inside would have no way of escaping in the event that they have surfaced and are not located topside. Given ocean conditions in this part of the Atlantic, that is extremely worrisome if they don't have some sort of locator beacon that is independently powered.
Unfortunately my read is a sudden event that led to immediate rapid loss of hull integrity and loss of the vessel. If they are somehow trapped at depth with no power, there are only 3 vessels conceivably equipped with reaching them at depth - Limiting Factor (I have no idea if it is operational), DeepSea Challenger (I believe it is still
inoperable post-fire), and a Russian sub whose name I can't recall. There are autonomous vehicles capable of operating at this depth, but there would be myriad challenges in tethering to the Oceangate and successfully resurfacing it at that sort of depth.