A salvage plan to recover the chemical tanker West Sailor has been approved by the Irish Coastguard this afternoon.
The plan is to tow the vessel to the Cork Dockyard for repairs.
The operation, which will see a tug tow the stranded vessel, is due to commence at 10pm tonight and it is expected to take 30 hours to reach Cork.
The estimated time of arrival is 4am Saturday morning. The coastguard has asked the Naval Service to provide an escort. The crew will remain on board.
The LE Aoife arrived to the scene shortly before midnight last night and is monitoring the situation which is being co-ordinated by the coastguard.
Following concerns expressed by the Irish Transport Federation, the Department of Transport says the alarm was raised by the captain of the ship at 1.25am yesterday morning, as soon as the fire broke out.
She also confirmed that the coastguard checked with the captain if there was any need for evacuation and he said there was not.
The fire, which broke out in the engine room ,was quickly brought under control by the crew of 15.
The captain of the 90-metre chemical tanker remains in hourly contact with the Coastguard and the crew are said to be well.