Coast Guard crews are searching for five people in the water after their boat sank near Sutwik Island, off the Alaska Peninsula.

The F/V Scandies Rose — a 130-foot crab fishing vessel homeported in Dutch Harbor — sank around 10 p.m. Tuesday with seven crew members aboard.

Two survivors were rescued, and five crew members are still missing, according U.S. Coast Guard District 17 spokeswoman Melissa McKenzie. The two survivors were taken to the hospital in Kodiak where they are in stable condition.

"From what I understand, when our helicopter crew arrived on scene, they found two life rafts in the search area. One had two survivors [in it] and the other one was empty," said McKenzie.

The vessel's last known position was 170 miles southwest of Air Station Kodiak.

MH-60 Jayhawk helicopter and HC-130 Hercules airplane crews launched from Coast Guard Air Station Kodiak. The Jayhawk helicopter crew arrived on scene and hoisted two survivors from a life raft. Coast Guard Cutter Mellon was diverted from the Bering Sea and is expected to arrive on scene by this evening.

Watchstanders at Coast Guard Communications Detachment Kodiak received a mayday call from Scandies Rose at approximately 10 p.m. Tuesday and immediately relayed the distress call to the command center for search and rescue coordination.

"We are conducting an extensive search in a 300-square mile area to locate the five missing persons from the Scandies Rose," said Lt. Wade Arnold, command duty officer at 17th District command center.

McKenzie said the Coast Guard still doesn't know why the vessel went down.

"We don't know what the cause of it was," said McKenzie. "Right now, our primary focus is trying to find the five people who are still missing. Once the search and rescue aspect of this has concluded, then we will start focusing on the investigation side of it."

Weather on scene was in excess of 40 mph winds, 15-to-20 foot seas and one-mile visibility, according to the Coast Guard.

This is a developing story. Please check back for updates.