She was built in 1877 as a steam vessel, but converted to diesel power in 1936.

Lady of the Lake was ordered by the Ullswater Steam Navigation Company, a predecessor of the current owners, to a design by Douglas Henson of Penrith.

Seath & Co. at Rutherglen near Glasgow, transported in three sections by rail to Penrith, and thence by horse drays to Waterside near Pooley Bridge.

[1][2][3][4][6] In 1881 the Lady of the Lake sank at her moorings but was re-floated by a team of divers.

In 1965 the vessel was badly damaged by fire and was out of service for 14 years, before being restored and reengined.