Police have confirmed the location of missing fishing boat FV Jubilee and have also found a body on board.

The boat, which had three men on board, went missing last weekend 20km from the mouth of the Rakaia River in Canterbury.

Jared Reese Husband, 47, of Timaru, Paul Russell Bennett, 35, of Motueka, and 55-year-old Terry Donald Booth, Nelson region were on the boat when they became caught up in a storm. 

Today Police hired a boat to head to a point of interest in their search - which is where the boat was found on the seabed below.

The body has not been recovered or identified and Police will not be drawn on to speculating which of the missing crew members it may be.

Police have not yet announced when they'll be trying to recover the body or boat.