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The Rescue Coordination Centre in Wellington, which is conducting the search for the steel yacht Berserk, says the Sea Shepherd boat Steve Irwin located the wreckage.

The life raft was found yesterday and it has been confirmed as coming from Berserk. "The life raft has a torn canopy and is missing its first aid kit and survival knife," the centre says.

"However, there is no sign that the life raft has ever been occupied. Evidence also indicates it has floated free from the vessel and not been released manually."

A sea boat and helicopter from the Steve Irwin continued to search the area until nightfall yesterday, with refuelling assistance from McMurdo Station for the helicopter search.

No further trace of the missing vessel or the men has been found.

The Steve Irwin will search the area surrounding Franklin Island at the head of McMurdo Sound this morning as soon as day breaks around 8am.

Water temperature in the area is near-freezing, with ice forming, putting survival times at mere minutes.

The rescue mission was launched after RCCNZ picked up a signal from a distress beacon registered to the Berserk about 5pm on Tuesday.

The yacht's position at that time was 33 kilometres north of Scott Base.

The initial search was conducted by the navy offshore patrol boat HMNZS Wellington which was forced to pull out when a huge storm hit the area.