A desperate search has been launched for a missing man after two people were found clinging to the side of a boat that had overturned. 

The yacht had three people on board and overturned off Lady Elliott Island near Gladstone on Sunday morning.

It is understood the yacht was travelling from Yeppoon to Brisbane when it upturned.

The boat was about four nautical miles south of Lady Elliot Island when an EPIRB was activated about 5am, reported The Courier Mail.

A search and rescue operation involving multiple vessels, police divers and a Bundaberg-based rescue helicopter was launched by emergency services.

The yacht overturned off Lady Elliott Island (pictured), on the way to Brisbane. An emergency beacon was activated about 5am on Sunday

The yacht overturned off Lady Elliott Island (pictured), on the way to Brisbane. An emergency beacon was activated about 5am on Sunday

A search and rescue operation was launched and a helicopter located two men clinging to the vessel at about 10.15am on Sunday. The search for a third man is still ongoing (pictured stock image of a Queensland rescue boat)

The rescue helicopter found two men about 10.15am. 

The two, who were flown to Bundaberg hospital, were believed to be the people clinging to the side of the vessel.

Retrieval Services Queensland (RSQ) Bundaberg Rescue Helicopter 522 was assisting police in the search for the third man who is still missing.

All three men are believed to experienced sailors.

The search for the missing man continues. 

 More to come

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