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Around 1,400 tonnes of wartime explosives are on board the wreck.

Experts believe reducing the masts’ height to below sea level will ease pressure on the wreck’s structure and reduce the risk of heavy objects falling onto the munitions below.

The masts will be taken to Chatham’s Historic Dockyard in Kent for preservation and display.

Speaking near the wreck site, maritime minister Keir Mather said: “They’ve been part of the maritime history of places like Sheerness for decades.

“We want to make sure that that continues to happen for decades to come.”

According to the Labour minister, the preservation work teams working on the masts will “be able to make a decision about where they are best placed so that local communities can access them”.

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Robin Rickard, who is providing strategic explosive ordnance advice to the Department for Transport (DfT), said work to remove the masts would require a jackup barge, a floating platform on long legs “firmly anchored into the seabed, so it won’t move”.

He added: “We’re going to put a jackup barge alongside it, both the stern section and the forward section, and then we’re going to use a diamond wire saw to chop the masts and recover them.”

SS Richard Montgomery, or “Monty”, was carrying “safe-to-transport munitions” during its doomed voyage from the USA to Great Britain, Mr Rickard said.

He added: “So specifically, they weren’t armed or fused during transport. So, I’m not surprised that they’ve been sat in wet storage for 82 years and nothing’s happened, which is good news.”

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Paul Barnard, the deputy chief executive at Chatham Historic Dockyard Trust, said: “It serves today really as a permanent reminder of the Second World War, the role that not just the Navy allied forces played but also those support-class vessels.”

He said the masts, which have towered above the water’s surface, “are a really really important part of the ship and they’re an important part of the story”.

To keep the ship’s masts in the UK, teams from the DfT have had to speak with their counterparts in Washington.

US Ambassador to the UK Warren Stephens last month wrote to Kevin McKenna, the Labour MP for Sittingbourne and Sheppey, telling him he backed efforts to display the masts.

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Ambassador Stephens said: “I am pleased to share that our Department of Transportation welcomes efforts to honour the memory and keep the masts in the UK for public display where they may continue to be appreciated by your constituents.

Mr Mather said: “It shows the depths of the partnership between our two nations, both in the Second World War to the present day.”

An “exclusion zone will remain in place for as long as it needs to” around the vessel but the “wreck itself is stable”, the minister added.

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Nolan Conway, project manager at Resolve Marine, which has been contracted to reduce the masts’ height, said: “Drawing on our extensive experience in complex marine operations, we are committed to executing this work safely, efficiently and in close collaboration with all stakeholders.

“This historic project represents a significant milestone in the ongoing management of one of the United Kingdom’s most closely monitored wreck sites.”