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Nothing has been found after a search and rescue operation was launched when a member of the public reported seeing something which looked like a hat and possible person in the water.
After the search, nothing of interest had been found and the operation was called off, police said.
Search efforts were started at Grassy Point at Company Bay earlier today.
A photographer at the scene said five boats - three inflatable rescue boats, the Harbourmaster and the Coastguard headed out.
Dunedin Coastguard President John Campbell said there were reports someone was seen in the water about 1.30pm and began search efforts as a result.
A police spokeswoman said as of 3.30pm, nothing out of the ordinary had been located.
Police along with the Coastguard were on the scene off Portobello Rd making enquiries.
Police received a report of someone believing they had sighted something, potentially a person in the water, she said.