One of the country's largest fishing vessels has sunk in the Norwegian port of Måløy.

The crew of the Killybegs based MV Paula escaped with minutes to spare, before the trawler flooded and sank. Investigations are now underway to establish the cause.

The crew of eleven were due to unload a catch of mackeral in Måløy. However, they were still in their bunks just after 7.00 am when the vessel began to take water.

Within ten to fifteen minutes, the engine room had flooded and the super trawler had sank.

The Donegal owner of the MV Paula and the Doyle Fishing Co Ltd Mick Doyle describes the events as they unfolded. Alarms went off on board as the crew were getting up. As they left their bunks, water was coming up the passageways. While the trawler is lost Mick Doyle is relieved that the crew are all safe.

They just had time to get out and bring nothing with them.

The MV Paula was Mick Doyle's only vessel and the loss leaves the crew without jobs just halfway through the season.

There are just eight super trawlers in Ireland, all based in Killybegs. A new super trawler would cost around €16 million. The MV Paula was just ten years old and it is thought that it is not insured enough to cover the cost of a replacement.

What caused the 60 metre long boat to sink is unknown. Investigations as to what happened are being carried out by insurers and the Department of the Marine. Mick Doyle hopes that following investigations he will be in a position to replace the vessel and return to business.

An RTÉ News report broadcast on 24 January 2005. The reporter is Eileen Magnier.