The floating wooden platform was found underwater at Port Otago on Tuesday morning following strong winds driving a big swell the previous night.
"The wind broke a line and it sank, basically," Port Otago commercial manager Peter Brown said.
The punt was used by smaller vessels, such as Monarch, to help transfer cruise ship passengers.
Divers, a crane and a tug were used to salvage the punt yesterday morning, and the punt would be fully operational when the cruise ship Sea Princess arrived today.
Monarch Wildlife Cruises owner-operator John Milburn said the tourism company leased the punt, and was pleased it was available, and contingency plans were not required.
Mr Brown said in preparation for the cruise ship season the port had improved signs and refurbished gangways and the walkway along the wharf.
"They are minor things that will improve the passenger experience."
He praised the work of the Dunedin City Council's economic development unit for its work in preparing the city for the 2011-12 season.
Sea Princess, which has a passenger capacity of 1950 and crew of 950, is expected to arrive at 6.45am, and should depart at 6pm.
