Interesting interview on Pat Kenny's show this morning. Frank Treanor, skipper during the 80s after it was built, said that when it was built it was expected it would last a hundred years and it was understood at the time that another like it would never be built again. The craftsmen are dead or retired.
The original Asgard was a present to Erskine Childers' wife and they sold it, it went through a number of owners and eventually became the property of the State. It wasn't ideal as a training vessel, and became worn out after only a few years.
But Asgard 2 was supposed to last forever.
Treanor said that it's possible one of the several dozen seacocks (that allow water in to cool the engines and for toilets) had possibly broken off.
It's in 70 or 80 metres of water, though. One wonders whether it can be salvaged or not.
Some interesting discussion of the mechanics too.
link to radio interview
Portal