The pair activated their emergency beacon and put their life jackets on as they watched the boat sink.
“The pair floated in the ocean for almost four hours, staying afloat by clinging to an esky cooler,” LifeFlight rescue said.
A LifeFlight rescue helicopter flew to the coordinates provided by the emergency beacon and found the men.
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Rescuers hoisted the men out of the water one at a time with a winch.
The pair was lucky to escape uninjured but were taken to Bundaberg Hospital for observation.
