Efforts to locate the missing submersible are ongoing, and the "complex" search covers an area larger than the state of Connecticut, Coast Guard Capt. Jamie Frederick said at a news conference Tuesday.

Crews are scouring the ocean 900 miles east of Cape Cod and 400 miles south of St. John's, Canada, he said.

The missing five-person crew on the submersible has about 41 hours of oxygen left, Frederick noted.

"We will do everything in our power to effect a rescue," Frederick said.

"We have a group of our nation's best experts," he said, and once the sub is located, "those experts will be looking at what the next course of action is" to rescue the crew members.

"Our thoughts and prayers are with the crew and their families and their loved ones," Frederick added.

In 2000, Dr. Michael Guillen, then an ABC News correspondent, was filming from the wreck of the Titanic when his vessel became trapped in the propeller.

"When we collided with the propeller, and I started seeing those big chunks of metal raining down on us … the first reaction I had was, 'This can't be happening,'" he recalled to ABC News on Tuesday.

"We got caught by this underwater turn and just drove us right into the blades," Guillen said.

"This voice came into my head and said, you know, 'This is how it's going to end for you,'" he recalled. "I'll never forget those words."

"I'm very aware of what these poor souls on board the ship the Titan are experiencing," he said. "I am just heartbroken about it."

At the request of French President Emmanuel Macron, a French ship named Atalante is diverting to the area of the missing submissive and should reach the area Wednesday night.

The ship has an exploration robot that can dive up to 4,000 meters, according to a spokesman for France's Ifremer Institute.

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

The company behind the submersible that imploded exaggerated the details of the industry partnerships behind the development and engineering of the underwater vessel.

In some public statements, OceanGate suggested the Titan -- its only vessel able to reach Titanic depths -- was designed and engineered with the assistance of entities such as Boeing, the University of Washington and the National Aeronautics and Space Administration. In statements to ABC News, each entity described its role, or lack thereof, as more limited than sometimes stated by OceanGate.

When asked about these exaggerations about the role of partnerships in the development of the Titan submersible, an OceanGate representative declined to comment on the matter.

Read more here.

-ABC News' Peter Charalambous