The fishing boat had issued a Mayday call in the early hours of Saturday morning as they were taking on water and the crew were considering abandoning ship.
UK coastguard tasked both Skegness Lifeboat, Wells Lifeboat and a Coastguard Rescue Helicopter to aid the vessel, which was "listing heavily astern".
The RNLI Shannon Class relief Lifeboat “Cosandra” was launched at 1.10am hours with a crew of six and arrived on scene shortly before Wells Lifeboat.
Two crew members went on board the fishing vessel with a portable salvage pump and started pumping water from the engine room of the vessel.
Shortly after Well Lifeboat arrived on scene and a second salvage pump was transferred on board.
After an hour of working both pumps the vessel had regained stability and a tow was established with Wells Lifeboat where the vessel was towed into Wells Harbour while being escorted by Skegness Lifeboat.
The incident was resolved, and the Skegness Lifeboat returned to Station and ready for service at 6am.
Craig Willard, RNLI Coxswain for Skegness Lifeboat says: “It was a very good call from the skipper of the fishing vessel issuing a Mayday call as soon as they realised, they were in trouble, this allowed the RNLI and the UK Coastguard to promptly respond to the incident and bring it to a safe resolution. It is essential to call for help as soon as possible if you find yourself in trouble at sea.”