SAN FRANCISCO (CBS SF) — Two people aboard a 92-foot yacht were rescued by the U.S. Coast Guard Thursday after their vessel began to fill with water nine miles south of Monterey Bay, authorities said.

A Coast Guard spokesman said crew members aboard the Going Coastal issued a mayday call at approximately 11:45 a.m., reporting their yacht was taking on water approximately 35 miles south of Monterey.

A 45-foot response boat crew from Coast Guard Station Monterey and a Coast Guard Air Station San Francisco Dolphin helicopter were sent to the scene.

The Going Coastal crew followed up that the flooding was under control prompting the Coast Guard to cancel the helicopter but the response boat continued to the scene and arrived at approximately 1:30 p.m.

One of the crew members was transferred to the Coast Guard boat, a dewatering pump was being used to keep the yacht afloat and it became to make its way toward Monterey Bay.

Around 3:45 p.m., the crew noticed the rate of flooding had increased and the Coast Guard once again dispatched a helicopter to assist. A rescue swimmer and another pump were delivered to the boat.

But at 5:20 p.m., the Going Coastal lost electrical and engine power and began to rapidly sink. The yacht sank approximately nine miles south of Monterey Bay.

The Coast Guard took the Going Coastal crew to Monterey with no reported injuries.

The owner of the yacht reported the vessel had around 1,200 gallons of diesel fuel aboard and was working with his insurance company to salvage the vessel.