Because of the ship's excellent condition in storage at Suisun Bay, the
Maritime Administration decided to set aside
Lane Victory for preservation. President
Ronald Reagan signed into law H.R. 2032 on October 18, 1988, which turned over the ship to the United States Merchant Marine Veterans of World War II. Joe Vernick, John Smith and a group of Merchant Marine veterans had worked for years for the ship to be released from the Reserve Fleet. Volunteers from the United States Merchant Marine Veterans of World War II worked for three years to restore the ship to working condition after she had sat, slowly deteriorating, in Suisun Bay for nearly two decades. Many upgrades were performed in order to bring
Lane Victory up to
Coast Guard standards. She was drydocked in 1992, and her hull was found to be sound. On September 10, 1992, her
sea trials started and proved her seaworthy. In May 1994
Lane Victory sailed south along the Baja Peninsula with the intention of joining the Liberty ship on the 50th Anniversary of D-Day in France. On May 2, 1994, she passed the Sailing Vessel Blythe Spirit about 500 feet off the starboard side according to the day log of S/V Blythe Spirit. This encounter was just north of Cabo San Lucas. Before reaching the Panama Canal the
Lane Victory had engine problems that prevented it from going across the Atlantic Ocean in time to arrive for the D-Day Anniversary. It was reported on the Maritime Mobile Service Net later in May that the Victory Ship had chosen to return after repairs were completed to a California port to await the return of the ''Jeremiah O'Brien''. In June 1994
Lane Victory participated in a mock Normandy invasion in the
Santa Barbara Channel in celebration of the 50th anniversary of
D-Day. In September 1994 she escorted the Liberty ship from San Pedro to San Francisco in celebration of ''Jeremiah O'Brien''s return from her
voyage to Normandy. On October 9, 2007, SS
Lane Victory received a Special Heritage Award from the World Ship Trust in San Diego. She serves as a training facility for the
Los Angeles County Fire Department,
Los Angeles City Fire Department, local law enforcement agencies, FBI, the U.S. Coast Guard and other United States Armed Forces. • Of the 534 Victory-class cargo ships completed, only three remain working – SS
Lane Victory at Los Angeles, at Tampa, Florida, and at Richmond, California. ==Museum ship==