One man has gone missing and another rescued from the water after their boat capsized off the Mornington Peninsula late on Friday.

Emergency services were called to Schnapper Point Drive near the Mornington Pier about 11.15pm after reports a small boat carrying two men had overturned about one kilometre offshore.

One of the men onboard was rescued by another boat. He was not seriously injured and was assessed by paramedics.

The other occupant of the boat, a man in his 20s, is still missing.

A spokeswoman said once the alarm was raised, a search started immediately involving Water Police and the Air Wing, as well as Life Saving Victoria, the Helicopter Emergency Medical Service and the coast guard.

On Wednesday, two men drowned off Frankston Pier after one of the men’s surfboard snap

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