1.30pm: Police have revealed that one of the men who drowned was from Warrnambool, while the other was a Canadian visitor.
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Police have not confirmed whether the men were wearing lifejackets or not.
The media conference at the scene has just wrapped up.
1pm: Two men in their 70s have drowned after their boat capsized near the Warrnambool breakwater shortly after 10am this morning.
Police will prepare a report for the coroner, but there are no suspicious circumstances surrounding the incident.
A release from police media said the boat capsized in “rough seas”.
A media conference is scheduled for 1pm.
11.50am: The capsized boat has been brought back to shore. The HEMS4 rescue helicopter is still searching the area.
11.45am: The coastguard and lifesaver boats have returned to shore but the HEMS4 rescue helicopter is still in the air. At this stage it is believed there were only two people on board the boat, both of whom are confirmed to have died.
11.35am: Police have confirmed two people are dead following the capsizing of a boat near the Warrnambool breakwater earlier this morning.
11.25am: Our reporter Jarrod Woolley is on the scene and we’ll keep you updated as the incident unfolds.
11.20am:
11.15am: It is being reported that a single male occupant has been pulled from the water following the capsizing of an 18-foot boat.
11am: A boat has capsized near the Warrnambool breakwater and authorities are frantically racing to see if anyone is on board.
Police, coast guard, ambulance officers, and lifeguards from Warrnambool Surf Club are involved in the search.
The HEMS4 rescue helicopter is also at the scene, while coast guard and surf club boats have headed out to the capsized craft.
The boat appears to be located about 100m-150m offshore, just beyond the reef near the old Warrnambool aquarium.