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Emergency services were called to the scene after a ute rolled in Ardgowan Rd, between Homestead and Redcastle Rds, about 6.30pm.
Police confirmed the sole occupants of the vehicle, a 51-year-old man and a 48-year-old woman, both of Oamaru, died at the scene.
Acting Sergeant Ross Lory, of Oamaru, said it appeared the vehicle had failed to go around a corner and rolled as a result.
He could not disclose whether speed or alcohol contributed to the crash at this stage, but all factors were being looked at.
Ardgowan Rd was closed between Homestead Rd and Ardgowan School for most of yesterday while a scene examination took place.
The road reopened at 2.45pm yesterday.