The trio ran into trouble after their anchor got snagged on the seabed. The boat was later hit by a wave, which caused it to capsize.
Survivors Jason Whitehouse and Phil Miers were freezing and stranded for two hours next to the body of their best mate, who passed away after falling ill before help arrived.
While the pair said they are grateful to be alive, they were “heartbroken” that they had “lost a good friend”.
”His infectious laugh and friendly nature will be greatly missed,” they told 9News in a statement.
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The pair were rescued by two fishermen who pulled them to safety.
“Thank you to Clive and Ian who spotted us, pulled us to safety and even gave us their clothes to warm up,” the pair said.
“Our wives and families will be forever grateful.”
A report is now being prepared for the coroner.
