Seen on the North Arm slipway on 8th February 2024.

Built as a gaff-rigged schooner in the Netherlands in 1919 and launched as HOLLANDS TROUW, she sat idle until she was purchased by the Spencer's Gulf Transport Company, renamed FALIE, and fitted with an auxiliary engine for the voyage to Australia. On arrival in South Australia in 1923 she became part of the Mosquito Fleet, a fleet of small ketches and schooners operating in the shallow coastal and gulf waters of South Australia,
carrying goods from Port Adelaide to the many isolated coastal settlements and returning with agricultural produce (particularly wheat and wool) and minerals. They also played a role in lightering grain to load larger vessels anchored offshore in deeper waters, most notably to windjammers off Port Victoria on the eastern side of Spencer Gulf.

During World War II she was requisitioned by the Royal Australian Navy, commissioned as HMAS FALIE,and used as an examination vessel, challenging and identifying vessels entering the port of Sydney. On the night of 31 May 1942, she grazed the hull of the Japanese midget submarine M-24, the second of three midget submarines on a mission to infiltrate the harbour. The contact was reported to command, but no follow-up action was taken.

In 1943 HMAS FALIE was converted for use as a stores vessel, including the mounting of two Oerlikon 20mm guns on the bow and stern, and sent to Papua New Guinea, delivering stores to islands in the Southeast Asia region and landing troops in enemy-held territory by night.

Decommissioned in 1946, FALIE spent the next 22 years carrying timber, explosives and general cargo around the Australian coast, from Bunbury in Western Australia to Cairns in Queensland's north, and as far south as Hobart in Tasmania. She returned to South Australian waters in 1968 and carried general cargo to Kangaroo Island, returning to Port Adelaide with agricultural produce and gypsum, until she was laid up in 1982, the last ketch to operate commercially in South Australian waters (and one of the last sail-powered trading vessels in Australian waters, the Tasmanian-based vessel LADY JILLIAN being the other).

She was purchased by the South Australian State Government and refitted with new masts and sails, along with new accommodation and a galley, as a centre-piece of the state's 150-year Jubilee celebrations. From 1986 to 2005 she was used as a charter vessel for fishing and diving tours around the South Australian coast. From 1990 she was the main vessel used by Rodney Fox Shark Expeditions, and has featured in documentaries on the great white shark.

In 2005 a survey found that the hull plates were now dangerously thin, and she was not returned to seaworthiness due to the estimated cost of repairs. In 2021 she spent several months on the slip while minor repairs and maintenance were completed, but while she was being towed back to her berth at McLaren Wharf in June 2021 she was found to be taking in water, and she had to be returned to the slip where she remains to this day. The volunteer group Historic Ketch Falie are calling on the state government to fund the major repairs needed, but her future remains uncertain.