"Titanic" director James Cameron, who has explored the wreckage site himself, called the implosion "quite surreal" and noted that one of the passengers killed, Paul-Henri Nargeolet, was a friend of his.

"For him to have died tragically in this way is almost impossible for me to process," Cameron told ABC News Thursday.

Coast Guard officials said a remote-operated vehicle found the tail cone of the Titan submersible about 1,600 feet from the bow of the Titanic Thursday morning.

Additional debris found was "consistent with the catastrophic loss of the pressure chamber," Rear Adm. John Mauger, the First Coast Guard District commander, said during a press briefing.

The passengers' families were immediately notified.

Five major pieces of debris were found, including the nose cone, officials said.

The debris indicates there was a "catastrophic implosion" of the vessel, Mauger said.

It's too early to tell when the implosion occurred, officials said.

"This is an incredibly unforgiving environment down there on the seafloor," Mauger said.

All five aboard the missing submersible are believed to be lost amid a search for the vessel, OceanGate said.

"We now believe that our CEO Stockton Rush, Shahzada Dawood and his son Suleman Dawood, Hamish Harding, and Paul-Henri Nargeolet, have sadly been lost," OceanGate said in a statement.

"These men were true explorers who shared a distinct spirit of adventure, and a deep passion for exploring and protecting the world’s oceans," the statement continued. "Our hearts are with these five souls and every member of their families during this tragic time. We grieve the loss of life and joy they brought to everyone they knew."

A Royal Canadian Navy ship HMCS Glace Bay has been on scene since about 8 a.m. ET Thursday morning. The ship provides a medical team specializing in dive medicine and a six-person mobile hyperbaric recompression chamber, according to officials.

Canadian Coast Guard ships John Cabot, Ann Harvey and Terry Fox are on scene and ready to provide rescue equipment and personnel should assistance be required. A Royal Canadian Air Force CP-140 Aurora aircraft is also maintaining continuous on-scene support with additional aircrews and assets, according to officials.

-ABC News' Luke Barr

Rescuers racing against the clock to save the five people trapped in a tourist submersible nearly two miles deep in the Atlantic Ocean are facing major obstacles that could make saving the people onboard extremely difficult, according to a former U.S. Navy submarine commander.

Retired Capt. David Marquet told ABC News on Monday that this type of rescue operation is complicated because there aren’t nearby U.S. or Canadian underwater vessels that can go as deep as the Titanic wreckage, which sits 13,400 feet below the ocean’s surface. Also, the ocean is pitch black at that depth.

"The odds are against them," Marquet said. "There's a ship in Boston that has this ability to either lower cable and connect to it or have a claw. It's still a thousand miles away."

Even if a vessel was able to locate the submersible and lower a cable, it’s extremely difficult to safely navigate the waters and attach it, according to Marquet.

"You've got to get it exactly right," he told ABC News. "It's sort of like ... getting one of those toys out of those arcade machines. In general, you miss."

Rescuers do have one advantage, Marquet said, as weather conditions off the coast of Newfoundland are not rough and will not disturb any boat or vessel there.

Marquet added that if the five people aboard are still alive, they would be asked to sleep to conserve their oxygen.

"We would put the vast majority of the crew to sleep because that's when you're using the least amount of oxygen and you're expelling the least amount of carbon dioxide," he said.

-ABC News' Sam Sweeney and Ivan Pereira