Per Wimmer, an explorer and global financier, told ABC News he was "shocked" and "horrified" to hear of the missing submersible.

"It felt very personal. … I've been wanting to go down to the Titanic for more than a decade," Wimmer said.

He estimated that there's been between 150 and 200 missions to the Titanic.

There "are very, very few submersibles in the whole world that can go down to the depth of Titanic, which sits at 3,800 meters, or about 12,000 feet," Wimmer said. "It's very deep -- most submersibles can go down to about 1,000 meters."

"It's a race against time, because there's only 96 hours of oxygen on board. And after that, if you haven't reached the surface, you starve of oxygen," he said.

"Our best hope at the moment is that the safety mechanism will be activated," he said. "It is supposed to be able to float to the surface, little by little, and then they can open the hatch and hopefully get out again. That is the only hope we have, because you do not have enough time to get another submersible that can go that deep."

-ABC News' Dom Proto

Renowned explorers and a father-son duo were among the five people aboard a submersible that disappeared in the Atlantic Ocean on Sunday while touring the Titanic wreckage, ABC News has learned.

ABC News has confirmed the identities of those aboard as: Shahzada Dawood, a Pakistani businessman, and his son Suleman Dawood; Hamish Harding, a British businessman, pilot and space tourist; Paul-Henri Nargeolet, a French diver and Titanic expert; and Stockton Rush, the CEO and founder of the submersible's Washington-based operator, OceanGate Expeditions.

-ABC News' Victoria Beale, Miles Cohen, Laryssa Demkiw and Anna Rabemanantsoa

The United States Coast Guard commander leading the search for a missing submersible off the coast of Newfoundland, Canada, said Tuesday morning that crews in multiple aircraft have flown over an area of the Atlantic Ocean "roughly about the size of Connecticut" while "looking for any signs of surfacing."

"As we continue on with the search, we're expanding our capabilities to be able to search under the water as well," Rear Adm. John Mauger, commander of the First Coast Guard District, told ABC News' Robin Roberts during an interview on "Good Morning America."

A commercial vessel with remotely operated vehicles is now on scene that will allow rescuers to search underwater, according to Mauger.

"This is a complex case," he added. "The Coast Guard doesn't have all the resources to be able to affect this kind of rescue, although this is an area that's within our search zone."

In many cases, Mauger said, the Coast Guard's role is to coordinate all of the assets and technical expertise that can be used in a search, in addition to operating aircraft or ships when necessary.

"In this particular case, we've established a unified command with the United States Navy, with the Canadian Armed Forces, with the Canadian Coast Guard and with the private operator OceanGate Expeditions to make sure that we understand what's needed and deploy all available equipment to the scene that could be used to locate this submersible, whether it's on the surface or down beneath the surface," he said.

Crews have been working "around the clock" to locate the deep-sea vessel since it lost contact with its operator on Sunday morning, according to Mauger.

In the last 24 hours, a Canadian aircraft has been dropping sonar buoys into the water that can pick up sound the submersible may be emitting. Vessels that have the capability to listen with their own sonar equipment are also on scene, according to Mauger.

"If they are making sound, that's certainly one of the ways that we're going to use to locate them," he said.

4:17

Coast Guard commander talks search for missing sub on Titanic tour

A tourist submersible that disappeared in the Atlantic Ocean on Sunday is believed to be at depths that greatly exceed the capabilities of the NATO Submarine Rescue System (NSRS), according to a spokesperson for the United Kingdom's Ministry of Defense.

"As the host nation for NATO’s multinational submarine rescue capability, we continue to monitor the incident in the North Atlantic and will guide and assist in any response activity as appropriate," the spokesperson told ABC News in a statement on Tuesday.

The U.K. has not been approached to offer assistance in the ongoing search for the deep-sea vessel off the coast of Newfoundland, Canada, according to the spokesperson.

Initial reports indicate that the depths of water involved greatly exceed that which the NSRS team can safely operate -- 610 meters for the NSRS submersible and 1,000 meters for the NSRS remotely operated vehicle, according to the spokesperson.

The NSRS is based at the home of the U.K. Royal Navy Submarine Service in HM Naval Base Clyde, the U.K. Royal Navy's headquarters in Scotland. Introduced in 2006, the tri-national capability team can respond to a stricken submarine in rescuable water which is capable of mating with the NSRS submarine rescue vehicle, according to the spokesperson.

-ABC News’ Emma Ogao

The U.S. Navy said it's sending to the search site experts and equipment "designed to provide reliable deep ocean lifting capacity for the recovery of large, bulky, and heavy undersea objects."

The equipment, which can lift up to 60,000 pounds, and the experts will arrive in Canada Tuesday night, the Navy said.

National Security Council spokesperson John Kirby said earlier Tuesday that the Navy was"on standby" to help with the search for the missing submersible, because the Navy has "some deep-water capabilities that the Coast Guard wouldn’t necessarily have."

President Joe Biden is "watching events closely," Kirby said, adding that Biden and the White House offer their thoughts "to the crew onboard, as well as to the -- what is no doubt -- worried family members back on shore."