Lancashire Constabulary were alerted to the incident shortly before 8am following reports a fishing boat had got into difficulty around one mile off the coast. Three men were travelling on board a decommissioned fishing vessel but sadly only two were rescued from the water.
A body of a man, believed to be in his 30s, was later recovered from the water by the Royal National Lifeboat Institution (RNLI).
Lancashire Constabulary confirmed his next of kin are being informed.
The force said the incident is not being treated as suspicious.
The two survivors, a 71-year-old man from Accrington and a 70-year-old man from the Blackburn area have been taken to hospital as a precaution after suffering cold water shock.
Lancashire Constabulary said in a statement: “Emergency services were called at shortly before 8am today after the vessel, believed to be a decommissioned fishing vessel, got into difficulty about a mile off the coast.
“Two people were rescued from the water but sadly a third man went down with the boat.
“His body was later recovered from the water by the RNLI.
“HM Coastguard also assisted with the search.
“While he has not been formally identified the deceased is believed to be a man in his 30s from Blackburn.
“His next of kin are being informed and our thoughts are with his loved ones at this time.
“The death is not being treated as suspicious and the matter will be referred to HM Coroner.
“The two survivors, a man aged 71 from Accrington and a man aged 70 from the Blackburn area, were taken by ambulance to hospital as a precaution suffering from shock and the effects of the cold water.”
This is a breaking news story, more to follow.