AMSA Search and Rescue detected emergency beacons registered to the 37 metre superyacht Masteka 2 with six people on board at 5.03 am (AEDT) about 260 kilometres east of Port Macquarie.
AMSA established satellite communications with the crew, who reported that the vessel was taking on water and had lost steering.
The cruise ships Pacific Pearl and Carnival Spirit responded to AMSA’s broadcast call for assistance.
The Carnival Spirit diverted to the area and is currently evacuating two crew members from the Masteka 2 using its fast rescue boat.
The remaining crew members have elected to stay with the vessel to attempt repairs.
AMSA has tasked its Brisbane-based Dornier search and rescue aircraft to the area, where it will drop two dewatering pumps to assist with repair efforts at about 9.45 am (AEDT).
Carnival Spirit will remain on scene to monitor the vessel and provide further assistance as required.