On March 8, 1943 s' Jacob was transporting supplies from Milne Bay bound for Oro Bay (Papua Nuigini) as part of a convoy during "Operation Lilliput". At 1:00 pm, the convoy was attacked by Japanese bombers. One squadron attacked an AK and corvette, but scored only near misses. One squadron attacked s' Jacob. During the attack, an aerial bomb hit the s' Jacob number 3 hatch causing major structural damage, listed to starboard then rolled over sinking bow first.

Of the 158 crew, five were killed during the sinking. The remaining 153 were rescued by the RAN Corvette HMAS Bendigo.

In 1986, the shipwreck of s' Jacob was discovered by MV Barbarian by divers Shane Croley and Allan Jaminson during a search funded by Rod Peace. The s'Jacob lies nine nautical miles off Porlock Harbor at a depth of 160'. During 1987, Rod Peace dove the shipwreck at night and recovered the ship's bell, confirming the vessel was s'Jacob.

Lying upright on the bottom, few divers go to this wreck. Thousands of fish that inhabit the wreck including mantas, whale sharks, giant groper and sharks. The funnel is the most predominant feature towering above the rest of the vessel. Divers from this vantage point can look down on the rest of the ship and admire the fish life and soft corals. The Jacob's wheelhouse has been fortified against attack and her telegraphs and bridge machine guns are as they were when she sank. Her propeller is still intact.

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