The 52-year-old man from Arbroath was reported at the time as being in a serious condition, but late last night Tayside Police announced that the man had died.

Police were alerted to the incident by the Coastguard shortly after 2 p.m. It is understood that the man fell overboard at about 1 p.m. after shooting fishing equipment into the water from local boat, 'Optik'.

It is believed that after the victim fell into the water, the owner of the boat, Tony Iveson, was having difficulty hauling him back in.

Neil Teviotdale, skipper of the Orianne, joined in the rescue and together the two men managed to haul the man out of the water.

Alex Smith, station manager of Arbroath Lifeboat Station, said: "We got a call saying that a man had gone overboard from the Optik, a small lobster boat, about one mile from the Bell Rock at about 1 p.m.

"Both the inshore rescue boat and RNLB 'Inchcape' were launched and reached the scene in about 30 minutes."

The man had been in the water for about five minutes and when the inshore boat arrived the crew rendered CPR to the casualty.

He was transferred to 'Inchcape' where CPR was continued before being taken aboard the helicopter at about 2.25 p.m. It immediately headed for Ninewells Hospital.

The lifeboat then escorted the 'Optik' back to Arbroath harbour. Tayside Police are carrying out an examination of the vessel there.