Warrnambool sank shortly afterward, in  of water. The wreck was sold to Southern Cross Diving and Salvage on 3 July 1972. A Board of Inquiry found that there was no culpable negligence in the loss of the corvette, and praised the conduct of her crew and commanding officer.
Warrnambool sank in water, Southern Cross Diving and Salvage acquired the wreck on July 3rd, 1972. A Board of Inquiry concluded that there was no negligence by the crew or commanding officer in the loss of the corvette.