I also thought they suffocated but it seems more likely that they died in a fire.

"Analysts concluded that 23 sailors took refuge in the small ninth compartment and survived for more than six hours. When oxygen ran low, they attempted to replace a potassium superoxide chemical oxygen cartridge, but it fell into the oily sea water and exploded on contact. The resulting fire killed several crew members and triggered a flash fire that consumed the remaining oxygen, suffocating the remaining survivors."