Relay-assisted free-space optical (FSO) communication systems are exploited as a means to mitigate the limiting effects of the turbulence induced atmospheric scintillation. However, conventional ground relays are stationary, and their optimal placement is not always feasible. Due to their mobility and flexibility, unmanned aerial vehicles (UAVs) provide new opportunities for FSO relaying systems. In this paper, a hovering UAV-based serial FSO decode-and-forward relaying system is investigated. In the channel modelling for such a system, four types of impairments (i.e., atmospheric loss, atmospheric turbulence, pointing error, and link interruption due to angle-of-arrival fluctuation) are considered. Based on the proposed channel model, a tractable expression for the probability density function of the total channel gain is obtained. Closed-form expressions of the link outage probability and end-to-end outage probability are derived. Asymptotic outage performance bounds for each link and the overall system are also presented to reveal insights into the impacts of different impairments. To improve system performance, we optimize the beam width, field-of-view and UAVs locations. Numerical results show that the derived theoretical expressions are accurate to evaluate the outage performance of the system. Moreover, the proposed optimization schemes are efficient and can improve performance significantly.