A wreck of a yacht found on the sea floor of Picton Harbour may be a 1970s commercial vessel, police say.

The wreck was found by the New Zealand Defence Force (NZDF) during a training exercise last Friday.

It was initially thought the sunken vessel could have been the Sioux - a $150,000 yacht which went missing five years ago. But divers have since confirmed it is not the Sioux.

After another inspection today, police have a new "vessel of interest" - a 1970s commercial fishing vessel called Black Prince believed to have been converted to a pleasure craft in the 1980s.

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Black Prince was also known as 'Blue Submarine' during its fishing days due to the way it moved through the water, Senior Sergeant Peter Payne said.

Police would like to speak to anyone who has any knowledge of the Black Prince and anyone who has photographs of it.