VIDEO: Coast Guard rescues two missing boaters near Galveston

GALVESTON, TX (KTRK) -- Two men are lucky to be alive after their boat began to sink in the Gulf of Mexico.

Coast Guard crews rescued Karl Shram and Chris Bergeron, of Lake Charles, La., on Saturday as their 42-foot boat, Quality Time, began taking on water about 125 miles southeast of Galveston.

SEE ALSO: Dramatic Coast Guard rescue caught on camera

Two people were rescued by the U.S. Coast Guard in Oregon.

See also: Two missing boaters found in the Gulf of Mexico

The men made a distress call at around 10:30am, and told officials their ship was sinking quickly and that they planned to swim to a nearby oil rig.

SEE ALSO: Coast Guard seizes 14 tons of cocaine

The Coast Guard found a lot of cocaine...14 tons of it, in fact

Hours after searching by plane and helicopter, the men were spotted by the Coast Guard. The lost boaters were able to call their families with their satellite phone and set off a distress beacon to direct a Coast Guard airplane to help locate them 60 miles southeast of the Sabine Pass jetties.

A rescue swimmer was able to deliver a pump to help the men drain the water out of the boat.

Shram was taken to Scholes International Airport in Galveston and treated by EMS for dehydration.

Meantime, Bergeron was able to get the flooding on the boat under control, and received an escort for the Quality Time to Cameron, Louisiana.

SEE ALSO: Coast Guard rescues two men from Galveston waters