The federal government has announced it will kick in up to $3.5 million for "extensive repairs" to HMCS Sackville.
The last of Canada's Second World War corvettes is now a museum under the care of the Canadian Naval Memorial Trust, who will get the funding for the repairs.
The ship has been one of the top destinations for tourists along the Halifax waterfront since the 1980s.
Most of the repair work will be completed at the Halifax Dockyard.
Visits will be discontinued until the repairs are finished, which is expected to be sometime this summer.