The Coast Guard, assisted by a cargo ship en route to Oakland, rescued Dennis Fox from his life raft after receiving a mayday call from him at about 9:25 p.m. Wednesday.
Fox said his boat, "Ana," was taking on water quickly and that he needed immediate assistance, according to Command Duty Officer Joe Ford.
The team was able to locate the vessel about 29 nautical miles west of Pillar Point Harbor using the Rescue 21 program, which uses a GPS locator to pinpoint the source of a distress call.
Coast Guard officials dispatched the Coast Guard cutter "Sockeye," a 47-foot motor lifeboat, from Station Golden Gate and the MH-65 Dolphin helicopter from Air Station San Francisco in response to the call.
Ford said the helicopter was the first unit to reach Fox at 10:35 p.m.
The Sea-Land Intrepid, a Maersk line cargo ship, found Fox in the life raft 15 minutes before the Coast Guard arrived and remained at the scene until the rescue boat got there, officials said.
Fox's boat has been deemed a "total loss," as the ship is not recoverable.
