A partnership between tourism development groups in the Florida Panhandle will result in the creation of the second largest artificial reef in the area when the 239-foot research vessel R/V DEEP STIM III is sunk in October.

Officials say the deployment, or sinking, is a boon for divers and fishermen alike.

According to Destin-Fort Walton Beach tourism officials, the vessel will be deployed centrally between the three destinations which partnered on the project — Destin-Fort Walton Beach, Panama City Beach and Walton County.

Additionally, Emerald Coast Reef Association and South Walton Artificial Reef Association provided funding for additional reef modules to be placed on the deck of the vessel, while the Coastal Conservation Association is funding the towing fees necessary for the project.

The Okaloosa County Tourist Development council in February approved funds from a tourism bed-tax for this next phase of the five-year artificial reef plan, according to the Panama City News Herald. The project, including the acquisition, prep work, towing and deployment, is estimated to cost $750,000.

“The water surrounding our collective region boasts an abundance of opportunities for fishing and diving activities, so it only makes sense that we work together to protect and grow the unique experiences that set us apart,” said Alex Fogg, Coastal Resource Manager for Destin-Fort Walton Beach.

“Collaborative projects like this will open the door for future opportunities that continue to benefit locals, visitors and the environment.”

The R/V DEEP STIM III is a former offshore supply vessel used in oil exploration. At 239-feet, it will be the second largest deployed off Florida’s Emerald Coast.

Once deployment occurs, it will sit at a depth of about 70 feet at the top of the wheelhouse, to 135 feet at the sand bottom — accessible to a wide range of divers of varying skill levels.

The new artificial reef will also serve as a fishing location, providing habitat for popular species such as amberjack, officials said. The reef modules which will be added to the vessel’s deck are designed to attract additional species including grouper and snapper.

The vessel is set to be deployed in what is known as Large Area Artificial Reef Site A, 22 miles from Destin East Pass, 29 miles from St. Andrews Pass and 16.5 miles south of Walton County.