The man who drowned north of Napier on Saturday after his boat flipped on a crayfishing trip was Gary Beswick.

The 63-year-old was one of two Napier friends and workmates who left Napier about 3pm on Saturday and were expected to return at about 6pm.

Family members contacted police at about 10pm and the Hawke's Bay Coastguard and the Lowe Corporation Rescue Helicopter responded.

Police said their upturned 5.8-metre aluminium alloy boat was located by the rescue helicopter near rocks about 5km north of Waipatiki Beach.

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The man's body was found on nearby rocks and the 65-year-old survivor at about midnight.

The survivor was waving to the helicopter from the beach "so they were able to land and take him to hospital straight away for immediate medical care".

He was flown to Hawke's Bay Hospital where he was treated for hypothermia and later discharged.