FOUR mates on a fishing trip have been rescued from the open ocean and are being treated for mild hyporthermia after their boat sank off the Gold Coast.
The 7.6 metre powerboat was around 18 nautical miles, or 33 kilometres east-north-east of the Gold Coast Seaway when it started taking on water around 1.40pm.
Police said four men on the boat were able to make a distress call, which was received by the Gold Coast Seaway tower before they were forced to jump overboard.
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Multiple resources including the police helicopter and the Westpac Lifesaver Rescue Helicopter were immediately dispatched to start searching for the passengers.
They were found a short time later, bobbing up and down in the ocean about 2.15pm, police said.
PolAir was first on the scene and dropped an inflatable life-raft to the men, who are all believed to be aged in their 30s, before they were rescued by water police.
All four men were ferried back to shore where police said they were checked over by paramedics and treated for mild hypothermia.
Police have confirmed the powerboat has since sunk and all four men were wearing life-jackets.