Here is a post from Mad_Fred that gives more details:
http://www.shipsim.com/ShipSimForum/index.php/topic,938.msg117054.html#msg117054 (http://www.shipsim.com/ShipSimForum/index.php/topic,938.msg117054.html#msg117054)
I’ll add that the cover story was that R/V Knorr spent the whole time out of WHOI searching for Titanic. After Ballard finished his Navy duties (He held a reserve commission, and the Navy paid for his toys), he found Titanic in a relatively short time.