UPDATED 7.04pm A sailor has died and another has been lost overboard from a yacht 300 nautical miles north of New Zealand.

Three other people are on board the 20 metre yacht Platino, and are in contact with New Zealand's Rescue Coordination Centre via satellite phone.

One man in his 60s was lost overboard earlier today, and another died, after the yacht suffered serious rigging damage in winds of up to 40 knots.

A Rescue Coordination Centre NZ spokesman told the Herald the search had stopped for the night now that darkness has fallen and would resume again at first light.

It was believed the boat was on its way back to New Zealand from Fiji when it got into trouble.

Search and Rescue mission coordinator Keith Allen said an Air Force Orion is searching the area, and a commercial fishing vessel is expected to be at the scene by around pm.

He said conditions are extremely dangerous and the remaining crew on board the Platino say it's too hazardous to be on deck.

With limited ability to manoeuvre safely, the yacht is motoring to New Zealand, but this could take at least two days.

Captain Tim Walshe said the Orion was diverted to locate the stricken yacht after it put out a distress call this morning.

The aircraft had been conducting patrols in support of the Ministry for Primary Industries off the northern coast of New Zealand.

Aircrew from the RNZAF’s five Squadron said four of Platino’s five-member crew were on board when they found the boat around 12:30pm.

“Strong winds and heavy swells had hit the yacht and smashed its boom. Fortunately, our Orion was already in the area so that greatly reduced the response time. The crew also found the yacht as soon as they reached the search area,” Mr Walshe said.

Aircrew have contacted three vessels in the vicinity with a request to assist in the search for the missing man and support PLATINO’s four crew members.

A second Orion is now on station conducting further searches for the missing man.

The Platino had been entered to compete in the ANZ Sail Fiji yacht race, however the boat was not ready by the time the race started.

Race director Sally Garrett told the Herald the Platino’s crew pulled out a week before the race began, but there was nothing to suggest the boat wasn’t seaworthy.

“Projects often takes longer than you think.

“They had a refit at Gulf Harbour and weren’t ready to leave when we wanted to leave.”

Because they had pulled out so early the crew details for the Platino were never completed, Ms Garrett said, so she did not know who might have been on board when the boat got into trouble.