The woman on the boat was picked up by a Coastguard boat and taken to shore. She was then taken to hospital by rescue helicopter in a moderate condition.
Inspector Hirone Waretini said people need to make sure they have the right equipment before going out on the water.
"Especially flotation, warm clothing and some form of communication in case things go awry.
"This could have very easily not gone well for both women but thanks to the teamwork of our staff and colleagues in Coastguard and the other emergency services, everyone goes home safely.
"Things can change in a heartbeat so have fun and enjoy the water but be prepared, just in case."