A man was found safe under an upturned jetboat three hours after the boat was flipped over near Haast on the West Coast.
Three other men who were also in the boat managed to climb onto the upturned hull and were rescued after about 45 minutes by nearby residents in a fishing boat, police said.
At that time they didn't know the fate of their companion.
Senior Constable Robin Manera said the jetboat flipped on Saturday afternoon when it was caught by a wave as it approached the bar at the mouth of the Okuru River, about 12km south of Haast.
Two of the men in the boat quickly scrambled onto the hull while the other two had initially been in an air pocket under the upturned boat.
One of the men under the boat then swam out and climbed onto the hull. The fourth man was expected to follow but had not turned up, Mr Manera said.
"They didn't see him come out but they thought they could hear him tapping on the hull."
The residents who went out in a fishing boat in strong southwest winds to pull the three men off the upturned hull had done a "fantastic job in those conditions", he said.
Initially rough sea conditions made it too dangerous to check under the boat to see whether the fourth man was still there.
When the boat was about 50m offshore from Haast Beach specialist rescuers tied a rope to it and the vessel was pulled to shore.
During a lull in the waves it was possible to check under the boat and confirm the fourth man was still there.
He was then flown to Dunedin Hospital.
The four men were wet, cold and "in a bit of shock" but nobody was seriously hurt.
- NZPA
Man found safe after three hours trapped under jetboat
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