A conservation management plan will now map out how the ship should be restored and to what specification.

The plan is expected to take a minimum of six months to complete and will start with a full condition survey of the ship.

This will be followed by a study to determine the level of conservation and future use of the vessel.

The work will culminate in the formulation of a repair plan which will pave the way for the physical restoration work.

Social Development Minister, Margaret Ritchie said: "This major piece of work will be crucial in advancing the SS Nomadic restoration campaign.

"My department is committed to the development and success of this important heritage project and I look forward to seeing the outcome of the conservation management plan."

Nomadic Trust chairman Denis Rooney said reaching the milestone is another great step forward in the ship's restoration.

"We've now reached what is arguably the most crucial stage of the project, as the end result will be a clear framework of how Nomadic will be restored," he said.

"The conservation management plan will provide the trust with recommendations on the future use and development of Nomadic while accounting for the need to enhance, protect and promote the heritage of the vessel and her future as a visitor attraction.

"On its completion, we'll also be in a position to submit some key funding applications and subject to the necessary capital being in place, we will be able to proceed with the physical work," he added.

Engineering consultancy Frazer-Nash has been appointed to undertake the restoration.

Frazer-Nash naval architect Adrian Payne said: "This is a tremendous opportunity for us to work on a piece of real maritime history.

"SS Nomadic was the product of one of the great engineering powerhouses of Europe and everyone in the team is looking forward to playing a role in her restoration."

Work is also ready to start on the iconic Titanic Signature Project which was granted funding late last year. As well as a centrepiece building, the project will feature key historic sites associated with Belfast's shipbuilding heritage and the story of Titanic.

As the ship which tendered Titanic, Nomadic will play a vital role in this on her relocation to Hamilton Dock in Titanic Quarter later this year.