Valentia Coast Guard is coordinating assistance for a fishing vessel which is on fire off the southwest coast.
The British-registered vessel Piedras with a crew of 11 onboard was reported to be taking in water and had lost power approximately 60 miles southwest of Mizen Head, Co Cork earlier this morning.
The Shannon-based Irish Coast Guard helicopter Rescue 115, was immediately tasked to the scene as was an Air Corps Casa maritime patrol aircraft, while the Naval Vessel LÉ Samuel Beckett also steamed to the area.
"Shortly after raising the alert the crew of 11 decided to abandon the vessel and transferred to another fishing vessel, FV Armaven," the Irish Coast Guard said.
"No injuries were reported. The casualty vessel is reported to be on fire and the situation is being monitored by Rescue 115," it said.
" A second Irish Coast Guard helicopter Rescue 116 was placed on standby at Cork airport," the Irish Coast Guard said in an update at midday.
Weather conditions in the area are described as "favourable", the Irish Coast Guard said.
The vessel sank in the area where it was initially reported to be in difficulty early on Wednesday afternoon.
The Naval Service patrols hip LÉ Samuel Beckett remained on scene to monitor the situation.
The Irish Guard said the Armaven was en route to Castletownbere with the 11 crew it rescued from the Piedras earlier this morning.