Update 9.32pm: The bodies of three men have been recovered from the water near the South Kerry coast tonight.
It is understood that one of them was aged is in his 50s, while the remaining two were aged in their 30s.
Irish Coast Guard search and rescue co-ordination manager Gerard O'Flynn says the operation got underway shortly after 6pm this evening.
"A full-scale search and rescue operation was mounted, involving the Coastguard helicopter based in Shannon, Valentia Lifeboat, local volunteer Coast Guard unit, and the operation was coordinated closely with An Garda Síochána," he said.
"Shortly before seven o'clock, a body was recovered by the Coast Gaurd helicopter, and a few minutes later, two other bodies were sighted and were also recovered by the Coast Gaurd helicopter.
"All information indicates that three people were on board the boat, so sadly three lives were lost."
By Anne Lucey
Three bodies have been taken from the water off the south Kerry coast this evening.
The three are understood to have been fishing in a small boat off Conan’s Harbour.
They are believed to be non-nationals, living in the Kerry area.
The Sikorsky helicopter recovered the bodies of two of the men, while the Valentia lifeboat assisted in recovering a third, bringing him into the harbour after 7.30pm.
"At 6.20pm on September 30, Gardaí and emergency services were alerted to the discovery of a body of a man in the water near an upturned RIB, at Coonanna Harbour, Cahersiveen, Co Kerry," a Garda statement read.
"Coast Guard and the Lifeboat Service attended the scene and a further two bodies were discovered under the boat.
"The bodies of the three men (ages not known) were removed from the scene and taken to University Hospital Kerry where post mortem examinations will take place.
"It is believed that the men when fishing earlier this morning."
More to follow.