The fishing trawler, the Ellie Ádhamh, has sunk off the Cork coast after spending two nights adrift.
The trawler lost power and steering 80 kilometres off the west Cork coast on Friday.
Yesterday evening the skipper and six crewmen were winched to safety by the Waterford based Irish Coast Guard helicopter Rescue 117.
The Coastguard at Valentia coordinated the operation and monitored the vessel overnight and into the morning.
It confirmed that the vessel sank at 11.55am.
The Irish Coast Guard said that it went down in approximately 80m of water over two miles north of the Bull Rock at the entrance to Kenmare Bay.
It a statement it said that "a local Tug hired by the owners was on scene all morning evaluating options to tow the vessel to a place of safety".
"A second local Tug was also proceeding to the scene but it was evident from early morning that the vessels condition was deteriorating," it said.
Yesterday the naval vessel LÉ George Bernard Shaw had attempted to tow the trawler to shore.
The tow came adrift in heavy sea and swell conditions, after the crew were taken off the vessel.
The Defence Forces confirmed that LÉ George Bernard Shaw was released from the operation late last night and returned to Maritime Defence and Security Operations.
A Coast Guard spokesperson expressed "relief that there was no loss of life" and spoke of "the professionalism of all who had been involved in the operation", including LÉ George Bernard Shaw, Castletownbere RNLI, Coast Guard Helicopter crews, owners and their representatives.
Context of the challenging & complex environment that LÉ #GEORGEBERNARDSHAW #P64 & partners in @IrishCoastGuard & @CastletownRNLI were operating over the last 48h. #Coremariner skills honed through #CPD & #training exercises on a regular basis for interoperability when needed ???? pic.twitter.com/os0uHi9JVK— Irish Naval Service (@naval_service) March 28, 2021