The report comes following the disappearance of OceanGate’s TITAN submarine during an expedition to the Titanic shipwreck site on Sunday.
"This letter is sent on behalf of our industry members who have collectively expressed unanimous concern regarding the development of TITAN and the planned Titanic Expedition," the letter said.
"Our apprehension is that the current experimental approach adopted by OceanGate could result in negative outcomes (from minor to catastrophic) that would have serious consequences for everyone in the industry."
OceanGate’s representation that the TITAN design will meet DNV-GL safety accreditation standards was, at a minimum, misleading to the public and breaches industry-wide professional codes of conduct, the letter said.
MTS Manned Underwater Vehicles Committee Chairman Will Kohnen reportedly said that Rush called him after receiving the letter to say that industry regulations were stifling innovation.
A search and rescue operation for the missing submarine is currently underway, featuring support from the US and Canadian militaries. Officials have estimated that the submersible currently has about 40 hours' worth of oxygen left.
The Titanic wreck is located about 370 miles off the coast of Newfoundland, Canada, at a depth of approximately 2.5 miles.