The 14m steel boat had been in service at South Port for 30 years before being replaced by the $1.3 million 16.5m Takitimu in 2006.
Awarua was bought by Otago fisherman Alasdair Kirk and is being refitted at Careys Bay for a new career as a commercial fishing boat.
Describing it as a good sea boat and strongly built, Mr Kirk said it would have to be "pretty good" to work out of Bluff for so many years. It sailed at about 10 knots and was very manoeuvrable.
Work on the refit started two weeks ago and it was planned to have it ready by October, in time for the new fishing season.
The boat has attracted plenty of attention, with one person saying it looked like it "came out of a James Bond film".
Mr Kirk had been told that the boat, which was built in Wanganui, was based on the design of an ex-Norwegian lifeboat.
Accommodation was being fitted because, with fuel costs rising, being able to stay "the odd night" would cut back on travel, he said.
