Alexey Mikhailov, of the iXplorer ocean research company, said the frigate Transport Royal had been found on October 8, 2015, more than 300 years since it sank on September 27, 1715.

STOCKHOLM, October 22. /TASS/. Remains of a three-masted frigate, a favourite of first Russian emperor Peter the Great, have been discovered off the western coast of Sweden, an explorer at an Icelandic diving company told TASS on Thursday.

"We found the remains of boards, keel, ovens and even Russian and English nails at a depth of 10 metres," he said.

Transport Royal, a 28-metre vessel carrying up to 28 guns, was a gift of King William III of England to Peter the Great. The Russian tsar received the ship in 1698 in exchange for a deal over Moscow’s tobacco monopoly, Mikhailov said.

"It was one of the fastest ships of its time," he added. "The frigate was Peter’s favourite and served as an example of warships built for the Russian fleet."

Transport Royal sank in a heavy storm near the Swedish city of Gothenburg. The crew of 25 was rescued.