Police have called off the search for a vessel believed to be missing on Lake Wakatipu, in the Otago region.

An emergency radio request for a 111 call was made about 4.30pm yesterday in the Lake Wakatipu area and search and rescue operations spent the evening scouring the lake.

Senior Sergeant Darryl Lennane said police would not be continuing to search for the missing vessel.

"It is suffice to say we are satisfied that nobody there who is at risk," he said.

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He was unable to give further comment.

A helicopter crew using night vision equipment searched unsuccessfully until about 8.30 yesterday evening for the vessel, the effort following an earlier extensive search of the lake involving about four boats and a helicopter, which had also found no trace.