iPhoto image migration

I have had all my photos on my computer for years and in turn my Photo folder has grown to a size that is taking up about 250Gb of my space. I am trying to move everything to an external. Is there any way to updates the links so I dont have to reload everything back into iPhoto again?

I have years of albums that I would like to preserve.

I am currently running iPhoto 9.5

How to move your iPhoto library to an external hard drive to save space.