HALIFAX -- The Bluenose II has been moved from the Lunenburg Foundry dock to the Fisheries Museum of the Atlantic in Lunenburg as the schooner is formally handed over to the provincial government.

The vessel has been berthed for the past two years at the Lunenburg Foundry dock, where it has undergone a restoration marked by delays and cost overruns.

The project has encountered numerous problems, including issues with its rudder that will likely prevent it from sailing this summer.

When the restoration was announced in 2009, the provincial government at the time estimated it would cost $14.4 million.

As of last month, costs have reached $19 million.

The schooner is awaiting the installation of a new steering system.

The Bluenose II, launched in 1963, is a replica of the original Bluenose, a Grand Banks fishing schooner that earned worldwide acclaim for its graceful lines and speed.

The province's auditor general is reviewing the restoration.