Police has launched a search following a report of a boat overturning on the Waitaki River near Duntroon.
Police received the report at 2:25pm from two people who had walked some distance to get help after the fishing boat they were on overturned about 11am.
One person is reportedly missing in the water.
The two others have been transported to Oamaru Hospital in a moderate condition.
A helicopter and four jet boats have been deployed and the boat has now been located.
LandSAR is being deployed from North Otago to assist.