The now barnacle-encrusted vessel was once a key boat in the extensive Camden Haven fishing fleet during the 1960s and '70s, and is now the last vessel that remains intact in the area.

Newcastle divers raised it from the depths of the Camden Haven Inlet at Dunbogan, on Tuesday, July 7, after more than three months' rest underwater due to recent floods in March.

"It's been a difficult and expensive process to raise it. The divers did an amazing job to get it up on July 1, and it was up for three days before it sank again," Mr Lay said.

"I bought her in 2019, when the Sydney owner was going to scrap Venture for the engine. When it came time for it to head to Sydney I just couldn't let the history leave the river because that boat is so well known and that history would be gone forever.

"The plan was always to turn it into a floating museum, oyster and wine bar, to memorialise the history of the fishing fleet and keep it as a historical attraction.

"At the moment it looks a lot worse than it is, even though there is quite a bit of work to be done."

Mr Lay, who owns the Dunbogan Boat Shed And Marina, is no stranger to interesting histories as a producer, director and writer of television and movie documentaries over the past 25 years.

He produced the Vietnam War television documentary The Battle of Long Tan featuring Sam Worthington in 2006, and was nominated for a Logie award in 2007 for most outstanding documentary.

His other works include television documentary He's Coming South produced in 2005, which won the Logie for most outstanding documentary series in 2006.

He also produced Game of Aces in 2016, Semi Colin documentary in 2012 and M24: The Last Sunrise television documentary about the lost WWII Japanese midget submarine in 2005.

"What is important is that Pacific Venture is recognised as a very much-loved and appreciated part of our local maritime history. Although she has had a rough voyage, her journey is not over, it's only just beginning," Mr Lay said.

"Previous owner and gentleman Donald 'Jock' Poole was one of the top fisherman from the area with huge family connections.

"It's got quite a fascinating past in its own right and when that's added to the history of the entire fishing fleet and what Laurieton used to be, then you have quite a combination.

"That history is something that needs to be preserved for the community, which is my intention to do. It's fantastic to reinvigorate that story again, the flood and sinking is just another chapter in the story.

"I am now tying in the idea of potentially doing a documentary film on the vessel and the locals involved. There is enough story now with the re-raising to have quite a lovely film and I think it could go internationally.

"I'm likely to be here for another 12 months so I should put my real talents to use. I will probably put the call out for photos, related family members or anyone with a story to share about the boat."

Our journalists work hard to provide local, up-to-date news to the community. This is how you can continue to access our trusted content: