Complex sentence: With the arrival of her successor, "Peveril" (III) she became redundant, and had her name changed to "Peveril II" in October 1963 for the last few months of her life to release her original name for the new cargo vessel.
Split into simpler sentences: With the arrival of her successor, (III) she became redundant. She had her name changed to "Peveril II" in October 1963 for the last few months of her life, to release her original name for the new cargo vessel.