It was sailing off Manama, Bahrain, when it capsized in the Persian Gulf on March 30, 2006.
Most of the passengers were foreigners from the Nass-Murray & Roberts joint venture construction company who were celebrating completion of part of the Bahrain World Trade Centre towers.
SABC has reported that a sixth South African died in the tragedy.
Bahrain's coastguard service was involved in an immediate rescue operation, reaching minutes after the disaster.
The United States Navy's Fifth Fleet helped with the rescue effort with divers and small naval craft.