The five other people on board survived the accident early Monday morning, but police and other officials have failed to find a 41-year-old Halifax man.

Investigators are scouring the shores of the Bedford Basin at the north end of the harbour, and are also using a remote camera in deep water.

A 33-year-old Nova Scotia man is facing numerous charges following the mishap around 1:50 a.m. Monday in which the 12-metre racing boat hit somthing and sank.

A man who saw the accident said the boat made a high-speed turn before striking a large, white buoy, tearing a six-metre gash on its side.

After both of the boat's engines died, people could be heard screaming in the water.

"He was moving way too fast to make a corner,'' said the witness, who wouldn't give his name. "It could be the fastest I've ever seen a vessel going on the water. Absolutely full throttle.''

The vessel, which was pulled from the water Monday, was described as a Donzi ZR, an offshore racing boat thought to be worth at least $250,000.

The boat's driver is charged with refusing the breathalyser, and three counts each of impaired driving causing bodily harm and dangerous operation of a vessel causing bodily harm.

The accused, who's from Prospect and has not been named, is