The owner of the TSS Earnslaw is considering replacing the historic steamship's coal-fired boilers with an environmentally friendly means of propulsion.
Queenstown company RealNZ has begun a feasibility study into alternatives ways of generating the steam that drives the vessel, which turns 109 today.
Chief executive Stephen England-Hall said the ship's original boilers would soon need replacing.
It would be a "major and invasive piece of work" requiring the vessel to be out of the water for an extended time.