"Our work programme for the rest of the year will focus on addressing contaminants, the removal of debris from a 10,000 square metre area around the wreck and in due course, to make it safer for recreational diving," he said.
The proposal followed more than 16 months of operations that have so far cost in excess of NZD $275 million, and had included various technical assessments on the options for full and partial wreck removal.
Removing the entire wreck would mean extending the period the exclusion zone that would need to remain in place, involve greater disturbance to and destruction of the reef environment and would present major operational challenges, including risks to workers operating in volatile and dangerous conditions, the ship's owner and insurers said.
The wreck would not pose a hazard to navigation and should not be a threat to the marine environment, so the further significant costs and risks associated with attempting full removal were considered not to be warranted.
"We will be seeking further feedback on the proposal from the Bay of Plenty community, which will include more hui with local Iwi and hapu groups before a final decision is made," Mr Owen said.
If the company gained consent it would establish a "restoration package" to fund a range of research scholarships and grants for projects in the Bay of Plenty.