Story highlights It was during a surfing competition in South Africa

Fanning escaped with a severed leash on his surfboard

(CNN) A surfing competition in South Africa was canceled Sunday after professional surfer Mick Fanning escaped a shark attack in the opening minutes of the final heat.

Organizers of the J-Bay Open , the sixth stop on the 2015 Samsung Galaxy World Surf League Championship Tour, called off the remainder of the competition. After discussion with WSL Commissioner Kieren Perrow, Fanning and competitor Julian Wilson decided to take equal second in rankings points and split the prize purse awarded to the winner.

Photos: Surfer attacked by shark A surfing competition in South Africa was canceled Sunday after championship surfer Mick Fanning escaped a shark attack in the opening minutes of the final heat. Fanning escaped with a severed leash on his surfboard. He told World Surf League TV that he "punched" the shark "in the back" to scare it away. Hide Caption 1 of 10 Photos: Surfer attacked by shark Video of the incident appears to show two sharks circling the three-time World Surf League champion. The Water Safety Team pulled Fanning and fellow competitor Julian Wilson out of the waters to safety. Hide Caption 2 of 10 Photos: Surfer attacked by shark "I had this thought, 'What if it comes around for another go at me?'" Fanning said. "Before I knew it, the boat was there. ... I can't believe it, I was tripping out. I'm totally tripping out." Hide Caption 3 of 10 Photos: Surfer attacked by shark "I had this feeling that something was behind (me), and all of a sudden I felt like I started getting pulled underwater. And then the thing came up and I was on my board and it was right there," Fanning said. Hide Caption 4 of 10 Photos: Surfer attacked by shark Fanning, right, swims away from his board and signals for the water patrol after being attacked. Hide Caption 5 of 10 Photos: Surfer attacked by shark Fanning and Julian Wilson, in red, are rescued by personal watercraft. Hide Caption 6 of 10 Photos: Surfer attacked by shark Fanning catches his breath as he approaches the rescue boat. Hide Caption 7 of 10 Photos: Surfer attacked by shark Fanning and Wilson are taken to shore by rescue craft. Hide Caption 8 of 10 Photos: Surfer attacked by shark Fanning is hugged by fellow surfer Kelly Slater back on shore. Hide Caption 9 of 10 Photos: Surfer attacked by shark Fanning holds his head in his hands in reaction to the attack. Hide Caption 10 of 10

"We are incredibly grateful that no one was seriously injured today. Mick's composure and quick acting in the face of a terrifying situation was nothing short of heroic and the rapid response of our water safety personnel was commendable," Perrow said in a statement.

Video of the incident shows at least one shark fin circling the World Surf League champion. Fanning spots it and starts furiously paddling away.

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A wave obscures what happens next, but when Fanning comes back into view he is still swimming away, this time without his board. Safety boats quickly arrive and pluck Fanning from the water.

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