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However the attachment had not forced the cancellation of tours, deputy chairperson of the museum council Carl Niehaus said.
"Alternative arrangements have been made and tours continue as normal, weather permitting," he said in a statement.
The twin-hulled Sikhululekile, which carries 300 passengers and has a top speed of 27 knots, was launched in February this year, a year behind schedule.
The attachment took place on Monday.
Niehaus said the museum was working to reverse the attachment "which we believe was excessive and unnecessary.
"At issue is the demand from Farocean... for outstanding payment. RIM [the museum] is dissatisfied with the number of significant defects on the vessel.
"Despite numerous attempts to meet with them to settle the dispute, Farocean did not come to the party.
"As far as RIM is concerned it is state property and should not have been attached."
Niehaus said the state attorney had also furnished security, so there was no need to continue with the attachment.
"There have been indications that Farocean is now prepared to meet with us and we await a response from them so that we can settle this matter speedily," he said.
The ferry was one of the key issues in a damning forensic report on the island's finances which became public this month.
The audit found that the ferry did not even appear on the island's asset register.
Though it was delivered a year later than scheduled, the contract, signed by now-suspended museum chief executive Paul Langa, made no provision for penalties.
The audit report queried the apparent payment of an extra R1.7m for the vessel and missing details about the purchase.
Farocean managing director Peter Kuttel told the Mail & Guardian newspaper at the time the report emerged that his company had not been paid in full for delivering the ferry.
"The RIM keeps on saying that it doesn't have the money to pay me. I believe it will, though," he said then.
He could not be reached for comment on Tuesday.
Langa is currently facing disciplinary charges.
The island currently has three other ferries in operation, one of them a charter.
At peak season last year the island received 1 800 visitors a day.
- Sapa
