The Salvager III was originally built as a shrimp trawler by Capell Boat Works at Freeport Texas. She was 55.5 feet long, 19 feet wide, and displaced 65 tons gross. The trawler was later converted into a treasure salvage vessel. After she outlived her usefulness, the vessel, renamed the Paul L. Sherman, was sunk in 70 feet of water as an artificial reef 200 feet north of the Robert Edmister on August 18, 1991.