Olav Ferkingstad was survived by his father, Gunvald Ferkingstad, who lived in Karmoy, Norway. Olav's brother, Jens, also perished aboard the Midnight Sun.
The Midnight Sun left New Bedford on November 10, 1962, and disappeared in a storm on November 14 as she headed home to New Bedford from the fishing grounds. Late Wednesday and Thursday a storm packing winds of more than 90 miles an hour whipped seas into 50-foot waves as it ripped across Georges Bank. Local fishermen considered the storm to have been one of the worst of the century. Last radio contact was reported between 2 and 3 p.m. on Wednesday. The Midnight Sun was reported overdue when she failed to return to port along with the other vessels she had been fishing with. The Coast Guard conducted a seven-day, 63,000-square-mile search for the vessel but found no wreckage.