"To take advantage of an improvement in the weather off-shore, a commercial vessel was hired to take the team to the site this morning. The Royal New Zealand Navy's ROV was deployed and visually confirmed the item of interest was that of the FV Jubilee," Sergeant Phil Simmonds said.
"The team surveyed the vessel using the ROV and the surrounding seabed was surveyed using the sonar.
"The team saw what is believed to be one deceased inside the FV Jubilee. Police are in close contact with the next of kin of all the crew who were understood to have been on the FV Jubilee. The person seen on the ROV footage has not yet been recovered or identified and police will not speculate on which of the three crew it may be."
Simmonds said it might take some time to recover the body and the boat.
"The safety of those involved in the recovery phase is paramount," he said.
"As the wreck is located in 40m of water it will be necessary for the navy's operational diving team to complete a number of build-up dives before trying to enter the wreck."
The families of the men are being supported by Canterbury Police and Victim Support