Complex sentence: The first of the type, FPV "Sulisker" was launched in 1980, decommissioned late 2005 and is currently undergoing conversion to a luxury yacht in Lowestoft.
Split into simpler sentences: The first of the type, FPV "Sulisker" was launched in 1980 and decommissioned late 2005. The vessel is currently undergoing conversion to a luxury yacht in Lowestoft.