Oliver Edwards-Neil, a 25-year-old Australian and his Danish flying companion, 45-year-old Troels Hansen, were found wandering on a patch of floating ice by a passing fishing boat.
Both men reside in Gothenburg, where Edwards-Neil is studying to be a pilot, according to Australian newspaper, The Age.
“They were wandering around on the ice, are suffering from hypothermia, but are doing well considering the circumstances, said Swedish foreign ministry spokesperson Gufran Ad-Nadaf to the TT news agency.
According to The Canadian Press news service, the twin-engine Cessna Skymaster crashed about 160 kilometers south of Iqaluit shortly after the pair radioed in to say that they were having engine problems after take-off from Baffin Island on their way back to Sweden.
“They’d lost one engine and then, quickly after, lost the second engine and unfortunately ended up crashing into the water,” said Halifax rescue centre spokesperson Mike Bonin to The Canadian Press.
A search and rescue operation was launched shortly after the crash and includes both private and military aircraft, as well as a nearby fishing boat.
According to Bonin, the weather is clear but extremely cold and there is a great deal of ice in the area.