The third Coast Guard vessel to bear the name, Chincoteague was constructed at Bollinger Machine Shop and Shipyard in Lockport, Louisiana.

Chincoteague has served in the search and rescue, maritime law enforcement, the war on drugs, and Alien Migrant Interdiction Operations,[3] rescuing thousands of migrants from throughout the Caribbean, and seizing thousands of pounds of illegal drugs.

However, the ship has been modified to allow for quick installation of the Bolt On Weapons System (BOWS) in place of its towing equipment, which would add a second Mk 38 cannon with ammo storage, and a launcher for FIM-92 Stinger MANPADS anti-aircraft missiles.

[6] On 31 March 2010, the motor yacht Titanic, carrying three people, developed a leak while on a voyage from Grenada to Puerto Rico, 108 nautical miles (200 km) south east of St Croix.

[7] Upon receiving Titanic's distress call, Chincoteague was dispatched to tow the stricken vessel, assisted by the tug Mitchel, to Frederiksted, United States Virgin Islands.