Following WWII she was placed in reserve on 11 February 1947, but was recommissioned 27 October 1948 as an ASW carrier, returning to reserve in 1955. The ship was taken out of reserve in 1965 and went into overhaul at Philadelphia Naval Shipyard in preparation for transfer to the Spanish Navy. The ship recommissioned in Spanish service 30 August 1967 as SNS Dedalo (R01).

Following many years of service as an ASW and VSTOL carrier, Dedalo returned to the US and was decommissioned at New Orleans 5 August 1989. Her ownership was transferred to the Cabot/Dedalo Association, and she was to be preserved as a museum. Sadly the Association wasted the funds it had raised for the preservation project, and the fate of this historic ship was soon in doubt. Despite being in excellent condition, and retaining many WWII-era features such as her original 40 mm AA guns, the last surviving light carrier of WWII sat at a pier in New Orleans for many years as the Association made no real attempt to preserve the ship.

In 1995, citing financial pressures, the Association attempted to sell the ship to foreign shipbreakers, but the sale was thwarted by preservation and environmental concerns. Despite preservation efforts by outside parties, the Association seemed interested only in scrapping the ship, and she was towed to Port Isabel, TX 18 October 1997 for that purpose. Cabot was moved into Global Marine's shipbreaking berth at Brownsville, TX, on 9 August 1998. At some point the ship had been transferred into Global Marine's posession, although legal title to the ship remained a contested issue.

Outside groups continued their efforts to block the sale or scrapping of the ship, and their legal efforts had temporary success. On 26 April 1999 Cabot was "arrested" by the US Marshals Service, and a court-ordered auction was scheduled. It was hoped that this auction would give preservation groups a final, honest chance to obtain clear title to the ship, with the proceeds of the auction going to pay off the numerous liens against the ship. The auction took place on 9 September 1999, and the ship was sold to Sabe Marine Salvage for $185,000. Sabe Marine Salvage apparently was another of the "paper" companies that had claimed ownership of the ship in recent years; all the companies were apparently owned by a common owner or owners. Although there were several additional efforts to save the ship, and the scrapping was postponed for many months, stripping work started during October 2000. By December the work had proceeded to some initial structural demolition. The last light carrier is now lost.