It's believed there are fewer than 20 living recipients worldwide after Gregson's death.
Gregson was re-presented with his award on August 14, 2014, exactly 72 years after the rescue took place.
"It was a case of survival. When I came around, most of the people had gone," he said after the presentation.
"There was one of the gun crew pinned under a raft with a broken leg. There was one other chap with me who lifted the raft off him to get him over the side.
"I swam with him. They said I saved his life, but I was saving my own at the time so I don't really take much credit for it."
He is survived by two children, five grandchildren and seven great-grandchildren.
A funeral will be held tomorrow.
- AAP