theodp (442580) writes "Wealthy guys love extreme submarines, observed Billionaire in 2012. And the Washington Post reported that deep sea exploration is getting to be a rich man's game in 2013. The NY Times also covered the privatization of American science earlier this year. So, it's not too surprising to see the [Google Chair Eric] Schmidt Ocean Institute (SOI) post filmmaker James Cameron's eulogy-of-sorts for the loss of the Nereus ROV, the hybrid remotely operated vehicle that's believed to have imploded under 16,000 PSI of pressure at a depth of 9,990 meters as it explored the Kermadec Trench. "I feel like I've lost a friend," wrote Cameron. "I always dreamed of making a joint dive with Nereus and [Cameron's] Deepsea Challenger at hadal depth." Also feeling Cameron's pain is SOI, which used the Nereus to explore the Mid-Cayman Rise in 2013 and had plans to use the $6 million HROV again to explore the Mariana Trench in two missions later this year. SOI is currently working with the Woods Hole Oceanographic Institution to build the world's most advanced deep-diving robotic vehicle for use on SOI’s ship R/V Falkor, which Wendy Schmidt indicated provides ship time that enables researchers to tap into available funding."