Damn straight, considering the law of salvage[1]:
> The law of salvage is a principle of maritime law whereby any person who helps recover another person's ship or cargo in peril at sea is entitled to a reward commensurate with the value of the property salved.
>Thus, if the ship was not a under command, unable to navigate or to reach port unaided, the service will be considered salvage even though the ship was not in imminent danger of destruction.
>It was in the light of this that Gilmore posits that releasing a ship that has run aground or on reefs, breaching a ship to keep her from running on rock, raising a sunken vessel, putting out a fire, and recapture of a ship taken by pirates, are all salvage acts.
The maritime salvor as a volunteer adventurer, Nzeribe Ejimnkeonye Abangwu, International Journal of Law, Volume 3; Issue 5; September 2017
If that was the deal, forget salvaging it, just buy a new one with the cash instead.
Just ditch the ship and buy a new one if that's the choice you face.
It there was even shadow of a chance that that might work, then every single excavator in Northern Africa would be on it's way to the canal to dig it out and free the ship.
In fact I'd say that if there was even a snowball's chance in hell that that would work, China would be airdropping excavators into the area as we speak.