The Collaborative International Dictionary of English v.0.48:
degaussing \degaussing\ n. the process of making a (steel) ship's hull nonmagnetic by producing an opposing magnetic field. [WordNet 1.5] DegenderWordNet (r) 3.0 (2006):
degaussing n 1: the process of making a (steel) ship's hull nonmagnetic by producing an opposing magnetic field