The aircraft carrier USS Oriskany has been turned into world's largest reef.

The famed carrier was rescued by US Navy from the salvage yard after a contract to turn it into scrap metal fell through, reports CNN news.

The ship, known as "Mighty O" by former crew members, was commissioned in 1950 and named after an American Revolutionary War battle.

It took more than 500 pounds of plastic explosives to send the USS Oriskany to its new life.

Pensacola leaders hope the Oriskany, now 24 miles off Pensacola Beach and 212 feet underwater, will become a prime destination for sport divers and fishermen and provide an economic boost to the area, which has been hard hit by recent hurricanes.

The site could open to recreational divers as soon as Friday; after Navy divers have checked it for safety hazards.