The disposal of the Solway Harvester will cost in the region of ?20,000.
The vessel is the property and responsibility of the Department of Infrastructure.
In the House of Keys this week, Infrastructure Minister David Cretney said the intention was to dispose of the dredger as soon as possible.
It has been kept in Douglas Harbour in case it's needed for any court action, following the death of its seven crew back in 2000.
But Mr Cretney says he hopes it will now only be a matter of months before the vessel is scrapped, a course of action he says the family of the crew members agree with:
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