
Waverley was extensively rebuilt during 2000 and 2003 with the aim of restoring her original 1947 appearance whilst complying with all relevant modern marine safety legislation.
On this and subsequent pages, the story of the first phase of the Heritage Rebuild is told through more than 300 photographs. The second Completion Phase is covered in detail here.
The rebuild of Waverley is not really about replacing old with new. The project is driven by a regime of conservation, not renewal
Iain McMillan, Project Director Waverley Excursions Ltd

The first phase concentrated on the mid and aft areas of the ship. The £3m cost was met by a £2.7m Heritage Lottery Fund grant with significant partnership funding also being provided by the European Regional Development Fund, Paddle Steamer Preservation Society, Dunbartonshire Enterprise, Enterprise Ayrshire, South Ayrshire, Argyll & Bute Councils and the Clydesdale Bank.
Waverley had closed the 1999 season on the Bristol Channel with the final sailings of the century before retiring to Avonmouth Docks awaiting further instruction. In late November it was announced that Phase 1 of the Heritage Rebuild contract had been awarded to George Prior Engineering Ltd. and would be carried out in Great Yarmouth. A week before Christmas Waverley steamed from the Bristol Channel to the Norfolk seaside town where she would spend eight months.

Whilst the quality of the contemporary digital images is variable their value in telling the story of Waverley is priceless.
Chronology
1998
- 4 March – Rebuild – News Update I
- 2 June – Rebuild – News Update II
- 12 September – Rebuild – News Update III
- 1 December – Rebuild – News Update IV
1999
- 12 September – Rebuild – News Update V
- 29 November – WSN – Heritage Rebuild Phase 1 Contract Awarded
- 22 December – WEL – Heritage Rebuild Update & Voyage to Great Yarmouth
2000
- 9 January – Preparatory Work Underway
- 10 January – Paddle Wheels Exposed
- 11 January – Funnels & Paddle Wheels Dismantled
- 12 January – Aft Funnel Removed
- 13 January – Both Funnels Removed
- 17 January – Sponsons Dismantled
- 18 January – Main Engine Crankshaft Removed
- 24 January – Paddle Wheels Ashore
- 25 January – Boiler Out
- 27 January – New Boilers & Empty Boiler Room
- 1 February – Cleaning Up in Progress
- 8 February – Dining Saloon, Engine & Boiler Rooms Stripped
- 16 February – In Dry Dock
- 24 February – New Sponson Houses Under Construction
- 29 February – WEL – Heritage Rebuild Update
- 1 March – Boiler Room Steelwork Renewals
- 8 March – More Steelwork Renewals
- 14 March – Around the Workshop & Dry Dock
- 15 March – News from North & South of the Border
- 22 March – First New Sponson Delivered & Interesting Riveting
- 23 March – Pump Refurbishment Progress in Scotland
- 4 April – Reconstructing Boiler Room, Bar & Dining Saloon
- 13 April – Final Dry Dock Work
- 18 April – More Snaps from Waverley HQ
- 20 April – Leaving Dry Dock
- 27 April – Port Paddle Wing Block Bearing Housing
- 28 April – Starboard Sponson House Fitted & New Aft Deck Shelter
- 29 April – PSPS Visit to Prior Engineering
- 10 May – Aerial View
- 11 May – Press Release – Movement of New Boilers
- 15 May – Press Release – Return to Service Announced plus Crankshaft Polishing in Progress
- 16 May – Boilers Delivered plus Relaunch Celebration Cruises
- 26 May – Boilers Lowered in Position
- 3 June – Second PSPS Visit to Great Yarmouth
- 5 June – Progress All Round the Ship
- 7 June – Main Engine Crankshaft Refitted
- 20 June – Fitting Out plus Main Engine Reassembly
- 5 July – Interior Fit Started, Paddle Wheel Refitted plus More
- 21 July – WEL Project Director Quote
- 24 July – Funnels Fitted
- 27 July – Engine Room, Funnels & Management Team
- 29 July – Views Across the River Yare
- 2 August – Inclining Tests
- 7 August – The Crew Assembles
- 11 August – Almost Ready to Sail
- 12 August – Sea Trials
- 15 August – Eve of Departure
- 16 August – Waverley Sails from Great Yarmouth