Its crew issued a Mayday at 9.30pm on Thursday when it was around 90 nautical miles east of Peterhead in Aberdeenshire, the coastguard said.
A coastguard rescue helicopter and an offshore helicopter that was nearby went to the scene along with the RNLI Peterhead all weather lifeboat.
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The vessel, with five people on board, is now being escorted back to Peterhead by the lifeboat.
There were no reports of any injuries.
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A rescue operation was launched after a vessel began taking on water in the North Sea.
