Salvage crews are working this morning to recover the Killybegs-based fishing vessel MV Paulain Norway.
The MV Paulasank at around 6.30 a.m. yesterday morning near the port of Maloy. All 11 crew members made it to safety.
Mr Sean O'Donoghue, chief executive of the Killybegs Fishermen's Organisation, said repair works could take some time.
Authorities in Norway are investigating the cause of the accident.