Murray Wakefield was last seen in Port Chalmers on Saturday about 10.30am.
A search party including police, LandSAR, coastguard, surf life-saving and the Police National Dive Squad have been searching Otago Harbour for Murray since Tuesday.
Careys Bay Marine Services employee Peter Scott said Murray would often stroll past their workshop, greeting them with a wave.
Mr Wakefield was known as a "local identity" to many in the Port Chalmers area and had been around for "years and years".
"He lived on a yacht and didn't have a wife, so living his best life," Mr Scott said.
His yacht was moored in Deborah Bay and he often was spotted walking with a "wave and a bottle in hand".
"Murray’s easy going, friendly, quiet, doesn’t bother anyone ... a pretty kind-hearted sort of fella."
In 2018, Mr Wakefield was rescued after falling into the Otago Harbour.
While descending a ladder from the jetty to the keeler, he slipped and fell into the chilly harbour water.
At the time, he said ‘‘it was tough . . . I was just hanging on for dear life’’.
He was rescued by a Port Otago pilot boat crew about two hours later.
Police on Tuesday appealed to the public for sightings of Mr Wakefield.
They have also asked for anyone in the Deborah Bay area with CCTV footage of the waterfront to get in contact.
The search yesterday covered an area from Deborah Bay to Taiaroa Head.
It is understood police found a backpack and dinghy belonging to the man.
