Peter Devlin, Malcolm Cubin and Steve Russ, all commercial salvagers from Cornwall, were arrested in June 2002 on suspicion of stealing gold and diamonds from a sunken ship off the coast of Galicia, in northwestern Spain.
The three faced prison sentences of up to six years each and heavy fines for theft and destruction of Spain's cultural heritage. But at a court in Santiago de Compostella yesterday, they pleaded guilty in return for suspended sentences and a fine of €1,000 plus €2,500 costs each.
"We are now convicted criminals in Spain but relieved that after seven years the ordeal is finally over and we won't have to go to prison," Mr Cubin (38) a father of four from Truro, said. "We're disappointed because it's not what we wanted at all and still maintain we did nothing wrong, but there was nothing else we could do."