A man has died, and another man was rescued after a catamaran capsized on the South Coast last night.

About 7.15pm on Friday 28 January, emergency services were called to Plantation Point, Jervis Bay, following reports a catamaran had capsized with two men onboard.

A multi-agency air, land and sea search commenced to locate the men, involving local police, Marine Area Command, PolAir, Marine Rescue NSW, NSW Rural Fire Service, the NSW Ambulance helicopter and a specialist search and rescue team from OPSTAR.

Just after 1am today, Saturday 29 January a 62-year-old man was located on rocks at Chinamans Beach, Vincentia, by a search crew.

He was treated by NSW Ambulance paramedics before being taken to Shoalhaven District Hospital in a stable condition.

The search continued and just before 2am, a body was located further south at Chinamans Beach.

While the body is yet to be formally identified, it is believed to be that of the missing 67-year-old man.

Officers from South Coast Police District and the Marine Area Command have commenced an investigation into the circumstances surrounding the incident.

A report will be prepared for the information of the coroner.

Anyone with information about this incident is urged to contact Crime Stoppers: 1800 333 000 or https://nsw.crimestoppers.com.au. Information is treated in strict confidence. The public is reminded not to report information via NSW Police social media pages.