At about 6:30 p.m. (GMT) yesterday (Mon. 20) the 110-passenger ship, which was sailing from Ireland, became stuck in sand and gravel on Corran Ledge.
The first attempt to refloat the ship failed due to high winds but by 1:10 a.m. today the ship was freed.
Stornoway Coastguards reported that all 61 passengers and 51 crew were safe and there were no signs of damage to the ship.
Divers are conducting an underwater survey today to find the cause of the incident.
The ship, which is owned by U.S. company Elegant Cruises, is currently being chartered by luxury small ship operator Noble Caledonia.
The 85-metre (278 feet) vessel is anchored at Oban Bay while a report is conducted to access its seaworthiness.
A spokesperson for Noble Caledonia said: "The Captain kept the passengers fully informed and the atmosphere on board was extremely calm."
The vessel was entering Oban to finish its 10-day cruise around the UK and Eire. After its inspection, it will depart for its next cruise later today as planned.
-- By Jasmine Shaddock, Cruise Critic Contributor