Wreckage from the aircraft carrier USS Lexington, sunk by the Japanese during the Battle of the Coral Sea in World War II, has been discovered off the Australian coast.

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A team of explorers led by billionaire Paul Allen, the Microsoft co-founder, made the announcement Monday.

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According to CNN, the wreckage was found in the Coral Sea by the expedition crew of Research Vessel (R/V) Petrel.

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The aircraft carrier, dubbed the "Lady Lex," was lost in May 1942, along with 216 crew members and 35 aircraft, during what historians consider the first carrier battle in history. More than 2,000 crew members were rescued.