Ryan Hiscox, Tony Minns and Robert Zoutenbier left Yeppoon, Australia, Friday to begin a fishing trip. About an hour after they set out, their boat began to sink quickly, the Sydney Morning Herald reported.

The men said the anchor had caused a tear in the boat and water was rushing in.

Hiscox, 21, said he quickly used a cell phone to give emergency officials the boat's location before it went under.

"By the time I told them who we were, we were underwater and I had to climb out from underneath the canopy (of the boat)," he said.

The men survived by holding onto a portable cooler filled with bait, Hiscox said.