The historic Falls of Clyde, currently moored in Honolulu Harbor, will need an estimated $32 million in repair and renovation work to be restored to its former glory, according to a recent assessment of the 130-year-old ship.

The cost of restoring the vessel has Bishop Museum searching for a new benefactor that can demonstrate the desire and the means to take on the tasks of restoring and maintaining the historic ship.

"While our first choice would be to move forward with a complete restoration of the Falls of Clyde, the reality is such that we do not have the finances or staff resources to undertake a fundraising campaign of this monumental magnitude," said Timothy E. Johns, president and chief executive officer of Bishop Museum. The museum operates the Hawai'i Maritime Center, which owns the Falls of Clyde.

Bishop Museum has launched a worldwide search for a new benefactor for the Falls of Clyde. Ocean Technical Services, which is conducting the search, has identified more than 500 potential candidates.

A National Historic Landmark, the Falls of Clyde was last dry docked in 1981 and underwent significant restoration that enabled tours of the ship to resume and thousands of visitors to go aboard and experience it. A preservation plan was developed shortly thereafter and has served as the Museum's guide for ongoing maintenance and repair work.

In early 2007, Hawai'i Maritime Center made the decision to close the ship to tours for safety reasons and in order to facilitate repairs to the deteriorating tank, which frequently caused the ship to list dramatically. The decision was also made to conduct a more thorough inspection by marine experts.

The Falls of Clyde was built in 1878 by Russell and Company in Port Glasgow, Inverclyde, Scotland. The ship was launched as the first of eight iron-hulled four-masted ships built for Wright and Breakenridge's Falls line. It was named after the Falls of Clyde, a waterfall on the River Clyde.

In 1899, Capt. William Matson purchased the ship and brought it to Honolulu, where it was registered under the Hawaiian flag. From 1898 to 1907, the Falls of Clyde was used as a transpacific passenger and freight-carrying vessel. The ship was later sold and converted to a bulk tanker and then to a fuel-oil barge and floating gasoline depot before being decommissioned in 1959. The Falls of Clyde changed hands twice before it was given to the Bishop Museum in 1968, after which it was transferred to Hawai'i Maritime Center in 1988.