A 16-metre launch, abandoned off the east coast of the North Island after the failure of a marathon attempt to save it, was expected to wash ashore on Saturday.
Napier police say the boat which had two crew on board was travelling from Picton to Napier when it began taking water on Friday and both engines lost power.
A rescue helicopter and two coastguard vessels went to its aid and spent the day trying to pump out water and restore the engines.
Police say attempts to tow the vessel failed amid rising seas. The boat was expected to wash ashore on Ocean Beach, south of Cape Kidnappers.