According to the Maritime and Coastguard Agency, the incident involved two divers who carried out a shore dive yesterday on the wreck off the Kintyre, at Weymss Bay.
The divers were spotted in difficulty at the surface and about 200m from the Weymss Bay pier by the crew of a cabin cruiser, which went to their aid and made an emergency call to Clyde Coastguard.
The SAR helicopter from RN Prestwick and the Largs RNLI inshore lifeboat were ordered to go to the scene, along with the shore-based Largs Coastguard Rescue Team.
One diver, who had managed to remove his equipment and was quite light, had been taken aboard the sailing boat.
The other diver, of heavier build and who had not removed his equipment, remained in the water alongside.
It has been reported that the men showed symptoms of decompression illness.
The diver in the water was airlifted to Southern General Hospital in Glasgow, where it was confirmed before the end of the day that he had not survived.
The other diver was taken aboard the RNLI lifeboat, put ashore and transferred to the recompression chamber at Millport.
The extent of his symptoms was not reported but it was stated that his condition was not thought to be life-threatening.
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