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Send out a ship, power the cable down, cut the cable, grab one end and pull it up, buoy it off, grab the other end, splice it to a new cable section, recover the other end, splice at that end, test and drop. The splicing generally can be fusion splicing where the fibre is accurately aligned and actually melted until it flows together (~ 0.03dB loss) or a mechanical splice where the ends are effectively clamped together (~ 0.3dB loss). Not sure which they use nowadays at sea for repair.
there often isn't a 'lot' of slack - the above method ends up inserting some new cable and hence the initial cut. The strain of pulling up the uncut cable would probably break it anyway
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