Two men have been safely rescued following a multi-agency rescue effort in perilous conditions on Sunday night.
The skipper, along with one other occupant, encountered extremely rough seas whilst travelling from Melbourne to Sydney on a yacht about 6.30pm.
The yacht, about 60 nautical miles offshore from Lakes Entrance, made radio contact to advise their vessel was quickly taking on water and required urgent rescue.
A nearby merchant ship responded to the call and communicated with State and National Rescue Coordination Centres.
Victoria Police Rescue Co-ordination centre deployed winch capable aircraft, including Ambulance Victoria (AV), Victoria Police Airwing and a police water vessel.
The Australian Maritime Safety Authority (AMSA) assisted Victoria Police and deployed their Essendon-based Challenger aircraft.
The two men on the yacht boarded their life raft and were winched to safety by Ambulance Victorias Mobile Intensive Care Ambulance flight paramedics, working alongside Babcock's specialist helicopter emergency (HEMS) crew, in 90 km/h winds and 5 metre seas, with assistance from the commercial ship about 8.45pm.
Both yachtsmen, were returned to land by air, where they received medical aid.
Two men, aged 59 and 70, were taken to hospital with non-life-threatening injuries and hypothermia.
Water Police will investigate the circumstances surrounding the incident.
The 6.5m yacht is believed to have sunk.
Quotes attributable to Acting Senior Sergeant Dave McHenry, Water Police Squad:
"The horrific sea conditions and high winds brought major challenges for the teams carrying out this rescue," he said.
"With 5m swells and the weather getting worse, we knew a rescue from another vessel was not an option.
"I'm proud of everyone involved making it possible for us to safely rescue the two occupants on the boat."