The Boleh, a unique 60-year-old Oriental junk, is set to get a new lease of life, with the help of disadvantaged apprentices and trainees from across the city.
Owned by ex-VT Group executive George Middleton, and now in the care of the Meridian Trust in Southsea, the boat is a hybrid of traditional Chinese-style upper decks and a 1940s-style English racing yacht hull.
Built in Singapore in 1949 by former Royal Navy officer Robin Kilroy, in August this year she was delivered to the trust's Southsea headquarters for renewal.
Now, with the hulking boat at rest in one of its repair sheds, the trust has unveiled an ambitious double-edged programme to resuscitate the now-decrepid vessel – and is calling on Ports-mouth's businesses to help.
Launched on Thursday afternoon to an audience of local businessmen and enthusiasts, Project Boleh aims to employ teams of young apprentices from disadvantaged backgrounds and teach them the skills needed to forge a career in the engineering and maritime sectors.
Their task will be to painstakingly strip, rebuild and refurnish the veteran vessel, making her seaworthy so that she can be launched in the Solent.
Then, like her smaller predecessor the Lively Lady, the newly-rigged ship will then serve as a floating classroom for up to six youngsters at a time, keen to learn to sail.
The project will see a raft of unskilled, unemployed people given the knowledge and attitude to get back into the workplace and give scores more the chance to learn about team spirit and discipline on the high seas once she is fully fitted out.
Mr Middleton, now a semi-retired consultant with VT, and nephew of creator Robin Kilroy, told BusinessWeek: 'Because it's a traditional structure and because its more complicated to work, it's heavy work.
'That makes it more of a challenge for the young people. It's focussed work and it gives more scope for teamwork. But the fact the boat's name means Can Do, in Malay, will give you the right idea.'
He and brother Henry had fond childhood memories of the boat but it was only when Henry googled the name Boleh, did they begin to find clues to its whereabouts.
'Eventually it got tracked down to Roger Angel who was living on the boat in Majorca,' said George Middleton. 'He'd seen this boat after it had been almost destroyed in a fire and was completely inspired. He sold his business, put his family in a caravan and just set about working on restoring it.
'An advert was put in a sailing magazine and we had contact with Roger and said if you're ever thinking of selling it, give us a ring. And that's just what happened.
'The first time I saw her again was in August last year in Majorca. It was quite emotional. As children, we knew we had an uncle who built her and used to go sailing in her in the summer.
'The real hope is given her inspirational history, it will now give more people the chance to remember something that's changed their lives.'
But the project comes with a hefty price tag and the trust is appealing for donors to step up – £1,000 will fund an apprentice to work for one month on the vessel, while £2,000 will strip down the hull and another £15,000 is needed to restore the boat's deck, to name just some of the costs.
Richard Uttley, lead shipwright on the project, said: 'My feelings are this: just bring me a lad who can stand on his own two feet and is interested.
'I don't care about how qualified they are, we'll teach them. They could have a degree for all I care, but it's more important to be keen.
'What they'll get is a hands-on skill if they come to us for a six- month block, they'll take away not just the ability to cut joints and woodwork but with a work ethic.
'There's a big gap between what we teach kids academically and actually delivering into the workplace an employee who can understand they have to be up at seven every day and have to get in to work and finish their job.
'I hope they come away from this with the attitude that they're getting paid to do something and they'll take pride in it.'
To find out more, visit
www.bolehproject.com