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A sailor clinging to a mooring buoy used the light from his mobile phone to guide rescuers to him.
He was plucked to safety by a Sheerness RNLI lifeboat crew after his dinghy sank at Gillingham.
Both the inshore and all-weather Sheppey crews were called out at 10.24pm on Saturday after UK Coastguards received reports that two men were in the water off The Strand and near Gillingham Marina after their dinghy capsized.
The Coastguard Rescue helicopter from Lydd was also scrambled.
One of the men was found clinging to a mooring buoy. RNLI spokesman Vic Booth said: "He was able to speak to the Coastguards on his mobile phone and said he had lost sight of his friend who had been in the dinghy with him."
Both rescue boats battled through near gale-force winds and torrential rain to reach the men and arrived at 11.05pm. By then the missing man had made it safely back to shore.
Mr Booth said: "The casualty was immediately spotted by the inshore lifeboat crew after they had been given precise details that the man was clinging to the first mooring buoy east of Gillingham Marina.
"They were further assisted by the sailor who still had the presence of mind and ability to indicate his perilous position using the light from his mobile phone."
The man was pulled to safety and handed over to the Medway Coastguard Rescue Team and an ambulance crew on land just as the helicopter arrived. It remained on standby in case of further emergencies.
It was confirmed at the scene that the men’s dinghy had sunk. Both lifeboats were back on station at 11.50pm.