A fishing vessel sank off Georges Bank on Tuesday morning.

The Transportation Safety Board of Canada deployed a team of investigators to Riverport to assess the sunken fishing vessel, named Bear Cove Point, which sank at about 6:30 a.m.

All four crew members were rescued by another fishing vessel and were brought back to Riverport on Wednesday.

“Within an hour the vessel sunk, there were other fishing vessels around, they were on George’s Bank,” said Pierre Murray, manager of regional operations for the Atlantic Region of the Transportation Safety Board. “Other vessels came to give assistance and try transfer pumps but it wasn’t enough to salvage the vessel.”

Murray said the vessel sank about 175 kilometres southwest of Yarmouth and is now at the bottom of Georges Bank, roughly 20 metres below the surface.

“The boat is gone  that’s pretty much it for the boat.”

Murray said that it’s still early in the investigation but the transportation safety board has conducted interviews with the crewmen with more expected in the coming days.

The ongoing investigation will be based on witness accounts of what happened and any other information they can gather about the vessel.

According to a 2014 condition and valuation survey, the ship was built in 1987, is 22.83 metres in length and weighs 197.01 tons.

“There were no visible problems with the hull and the mechanical and electrical systems were well maintained.”

The boat has a market value of $700,000.

“Bear Cove Point was well built and outfitted and has a proven track record as a capable offshore multipurpose fishing vessel. This vessel has a reputation as a good sea-boat in heavy weather conditions and the fully enclosed processing deck makes for a safe and comfortable work environment while at sea.”