NSW Maritime had been working on restoring a 99-year old Manly ferry before it sunk over the weekend.

MV Baragoola began taking on water at its mooring beside the Coal Loader at Balls Head Reserve in the lower north shore suburb of Waverton on Saturday.

Police arrived to find the boat submerged under about 10 metres of water.

NSW Maritime Acting Executive Director Darren Wood told Joe Hildebrand they had been trying to preserve the vessel.

“We were surprised.

“We were working on an outcome prior to it sinking.”

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Image: Nine News