The decision comes amid public outcry and mounting pressure from Jewish groups over the name of the ship.
Edward Heerema, founder and president of the ship’s operator, Switzerland-based Allseas Group SA, has said that he will bow to demands that he rename the vessel, claiming it had never been his intention to offend anyone. The new name will be announced within a few days.
During the Nazi German occupation of the Netherlands, Pieter Schelte Heerema delivered slave labor to the eastern front throughout the conflict as director of the Dutch East Company on behalf of the SS, which dealt with the "colonization of Eastern Europe."
Earlier in February the company had ruled out any intentions to rename the vessel. When contacted by the activists, Edward Heerema praised his father’s creativity and entrepreneurship.
"The naming of the vessel reflects what the late Pieter Schelte Heerema has accomplished in the field of construction, which has been of great significance to the development of offshore oil and gas production until the present day," Edward Heerema said in a statement.
With regards to Pieter Schelte’s darker past, his son wrote: "The wartime past of Pieter Schelte Heerema remains painful and difficult for his family and for many others."
The issue was brought up again after Royal Dutch Shell announced its intentions to use the vessel for decommissioning the North Sea’s Brent oilfield. The company then said it failed to convince the owner to rename the ship.
The change of heart came after the UK government intervened. Energy Secretary Ed Davey said the name of the ship was "wholly inappropriate and offensive", The Financial Times reported on Friday.