In my game it takes several torpedoes to make sure the ship is actually going to sink. If the torp does not hit in a critical spot, my ships seem to continue on. So the way yours is working is very odd compared to mine, do you have any damage boost mods that would otherwise negate the sinking mechanics of OM? That is my guess anyway otherwise I am unsure of our different game behavior.
Also I believe the explosion is representing a loss of HP to 0 for the vessel in OM, in which case it sinks rapidly, otherwise, the sinking can take some time as the vessel slowly floods.
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