Little hope is held for finding two men alive after a collision between a jetboat and a jet ski on the Kawarau River near Frankton.
They were thrown into the river in the crash at about 7.30pm on Monday.
Two other people are in Dunedin Hospital with serious injuries.
The hospital says the man has been transferred to a general ward and his condition has stabilized. The woman is still in a serious condition in intensive care.
A search of the river resumed on Tuesday.
Senior Sergeant John Fookes says the two missing men were aboard the jet boat. They were not wearing life jackets.