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.
The Warrnambool sank after sinking into the water. It was purchased by Southern Cross Diving and Salvage on July 3rd, 1972. An inquiry determined that the loss of the corvette was not due to negligence from the crew or commanding officer.