We want it out the way because if it is blown towards shore or nearby fishing nets it could pose a danger to smaller vessels

Coastguards spokesman Mark Clark

They believe the wreck is a substantial part of the revolutionary carbon fibre super yacht.

Recovery underway

A joint operation by recovery crews from Britain and the Faroe Islands is under way, according to British Maritime and Coastguard Agency spokesman Mark Clark.

Skipper Pete Goss is away on holiday

A Faroe Islands coastguard vessel, the Brimil, is due to arrive by midnight to tow the catamaran back to Thorshavn in the Faroe Islands, Mr Clark said.

"The survey crew spotted the debris and it was clear from markings and the colour that this was a large section of Pete Goss's catamaran.

"We want it out the way because if it is blown towards shore or nearby fishing nets it could pose a danger to smaller vessels.

"The lump is ... large enough to show up on radar."

Final blow

Earlier in the year, some wreckage from the �4.5m vessel was found 25 miles off the Irish north Mayo coast.

The loss of the superyacht, which was built in Totnes, Devon, was the final blow for the troubled project.

During her first sea trials off the Scilly Islands, one of her bows snapped off and during later tests problems developed with one of her masts.

In December, while undergoing final preparations out in the Atlantic for The Race, cracks developed in her accommodation pod.

After a battle to escape ferocious winds and huge waves, the crew were forced to abandon the revolutionary �4m catamaran.

After the loss of the boat, the companies Goss Challenges Ltd and Goss Composites Ltd, set up in Totnes, found themselves in financial difficulties and were voluntarily wound up in April this year.

A friend of Goss said that the yachtsman was on holiday and had no comment about the discovery.