The Lockheed P-3 is an aircraft designed to find and sink submarines. The way they typically operate is that they drop sonar buoys into the ocean over a target area. These buoys record the audio from the ocean while they float on the surface or while sinking to the bottom. These sound recordings are then transmitted back to the P-3 and analyzed. They are able to analyze these data to find any abnormal sounds that is typically not found naturally in the ocean. If these are picked up on multiple buoys they can triangulate the source of this sound.
It is not quite clear what they have been hearing in this case. There are a lot of sounds in the ocean and even the best sonar operators are not able to fully identify a lot of these sounds. Especially when there are lots of search and rescue ships around it becomes a very difficult environment to identify sounds in. It is possible that these banging noises are related to the missing submarine but it might also be from some other source.
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