On 20 January 1954, 706 Squadron, a second-line unit, flew aboard to conduct trials of the anti-submarine version of the Whirlwind helicopter. They were successful enough that the squadron was redesignated as 845 Squadron afterwards and "Perseus" ferried them to Malta in April. The ship continued on to deliver relief supplies to Singapore intended for Korea and was reduced to reserve again upon her return on 12 July. The Admiralty intended to convert her to a submarine depot ship and she was towed to Belfast to begin work in 1955. The cutbacks from the 1957 Defence White Paper caused the conversion to be cancelled and the ship was towed to Gare Loch to await a decision on the ship's disposition. "Perseus" sold for scrap in May 1958 and towed to Port Glasgow to begin demolition.