The multi-million dollar KNM Helge Ingstad sank in a fjord in Norway after rescue efforts went awry.
The battleship had earlier collided with Sola TS, a Malta-registered oil tanker, on November 8, that had left a massive hole on the frigate's side, according to CNN.
The 5,500-ton battleship, one of the five in Norway's fleet, sunk after rescue attempts failed when cables attached to the ship snapped, leaving only the antennas and the radars visible above the waterline.
The incident involving the under NATO command frigate left eight of the 137 on board injured, as a joint Norwegian-Maltese investigation regarding the initial collision is underway.
The loss will be a major setback to national and NATO capabilities in the region as hundreds of millions of dollars will be required for ship repairs. Experts have noted that the total cost of repairs would be equivalent to the cost of buying a new ship.
The incident has forced the shutdown of a North Sea crude export terminal and numerous offshore fields that generate USD 48 million a day, according to CNN.
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