The yachtsman is the only person on board and activated his EPIRB (distress beacon) at 4.14pm yesterday.
A merchant ship, MV Southern Lily, had been diverted to come to Ilanga's aid and was due to meet the yacht about midday.
Senior Search and Rescue officer Geoff Lunt said the yacht is making some headway in a west, southwesterly direction, moving closer to New Zealand.
He said communications with the Norwegian yachtsman had been limited but they had managed to establish communications by an inReach satellite device and using text messaging.
A New Zealand Defence Force P-3K2 Orion will be up later this morning to oversee the Southern Lily rendezvous.
Earlier yesterday the centre co-ordinated the rescue of a Kiwi yachtsman who had to abandon his yacht, Waimanu, 90 nautical miles (167km) east of Norfolk Island.
In that earlier rescue, an NZDF C-130 Hercules circled over the location of the life-raft while a cargo ship, Norfolk Guardian, was diverted to the scene.
The Kiwi yachtsman has now been safely rescued from his life raft and has arrived at Norfolk Island.
Lunt said he has spoken to police on the island and the weather is still quite bad so there has been suggestion it might be a couple of days before they can offload anyone or any supplies.
"The ship will just wait off the island until suitable conditions allow for any transfer of persons or stores," he said.