An Air Force Orion is on standby to help a stricken yacht rendezvous with a merchant ship within the next 24 hours.

The yacht Scot Free has a ripped sails, has run out of diesel and is without its GPS.

Earlier today an Orion found the floundering yacht 740 kilometres northeast of North Cape.

Most of the crew on board the Orion have now been involved in three search and rescue missions over the past four days.

Tactical Coordinator, Flight Lieutenant Glen Donaldson says they're tired but happy to be helping out.

"It's always good to hear that the people on the yachts below are ok and healthy and in good spirits," he said.

ENDS

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