The men, identified as only Daniel V and Christian T, aged 38 and 40 respectively, disappeared on 4 December 1993.
They were accompanied by another man Philippe, a 22-year-old amateur diver who survived.
The three men had decided to explore a known dangerous diving area at the Bay of Angels off the coast of Nice, France.
On the way down, one of the divers got into trouble and the other two tried to help him.
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In the end, only Philippe made it to the surface to alert the authorities.
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A rescue team searched for the missing divers for two days but to no avail.
However, two extreme divers came across the remains of a man and his oxygen tank at a depth of 338ft (103m).
After they reported the sighting, the police contacted the Human Diving and Underwater Intervention Expert Center for assistance.
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The organisation, part of the French Navy, sent a robot equipped with hydraulic arms and cameras to the scene.
The robot is capable of carrying out operations at depths of up to 6,562ft (2,000m).
While recovering the dead body, officials noticed the remains of another diver through the robot’s camera.
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The second body was located at a depth of 371ft (113m).
The skeletal remains were then recovered from the bay and sent away for DNA analysis.
The authorities have yet to confirm whether the recovered bodies are Daniel and Christian.
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