Yes, virtually the same story as the Titanic, with one very notable exception! The Titanic was designed to withstand the hole in one watertight compartment, but several compartments were holed at once, and this led to a condition exceeding design criteria, the flooding came over bulkhead height, and she sank. Any boat that is designed with watertight compartments should be designed to withstand at least the hole in one compartment, evidently not properly designed in the "new GRP power cat" you mentioned.
Ordinary commercial ships are designed to allow flooding of one compartment, separated by bulkheads. US Army seagoing dredges look like typical merchant ships (sort of), and are designed to allow flooding of any two watertight compartments. Military ships of course, can typically withstand flooding of several compartments.