A yacht that was abandoned while taking on water refuses to sink off the Bay of Plenty coastline, with its on-board radio beacon continuing to transmit.

Maritime NZ spokesman Steve Rendle has confirmed that the ketch Morning Star has been drifting since two men on board were airlifted by rescue helicopter on Sunday morning.

The 44-foot ketch Morning Star on Sunday morning. Photo: Auckland Rescue Helicopter Trust.

They were taken off the vessel with the yacht around 137 kilometres north-east of Tauranga, but it has since drifted west and is now approximately 83 kilometres north of White Island today.

The emergency position-indicating radio beacon (EPIRB) can be expected to continue transmitting around five-to-seven days after activation.

The Morning Star crew activated the beacon in the early hours of Sunday when a mayday call was made amid fears the boat was sinking.

Maritime Radio first heard from the 44-footer at 2.30am on Friday, via reports that the engine had broken down while on passage from Opua to the Marlborough Sounds.

The Morning Star was then 20 nautical miles (37 kilometres) east of White Island, and while the skipper was seeking a tow to Whakatane, no vessels were available in the area at that time.

Hampered by damaged sails, the crew attempted to reach the coast throughout Friday and Saturday.

However, at 4.10am on Sunday, the yacht made a mayday call to say that the vessel was taking on water, the pumps were not coping and the crew wanted to abandon ship.

A nearby ship - the MV Asian Adonis - offered assistance and started steaming towards the yacht's position.

The Rescue Coordination Centre NZ then tasked the Westpac Rescue Helicopter from Auckland, who arrived on scene at first light.

The two men on board, aged in their 50s and 60s, were winched off the deck and transported to Tauranga Hospital for medical assessment. They were later reported to be uninjured when they landed ashore.