The Courtmacsherry Lifeboat was called out at around 6.20pm after the vessel, which had been sailing from Castletownbere to New Ross, lost power and started taking on water close to the Seven Heads Rocks.
The boat was located in thick fog shortly before 7pm.
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It is understood the young men had been at sea for around 32 hours.
They were taken to shore and the vessel was towed to safety.
