Friends and family of one of the three men who died when a fishing boat capsized off the coast of Tofino over the weekend are mourning his death.

CTV News has learned that Port Alberni resident Keith Standing was one of the victims who was on the Caledonian when it capsized Saturday afternoon.

The boat was 55 kilometres off the west coast of Vancouver Island when it started listing and taking on water before it went down.

Joe Green, who was fishing next to the Caledonian and knew some of the men onboard, said he last saw the boat at 2 p.m. – just hours before it sank.

“These guys were friends and it’s really close to home,” Green said. “I kept calling them all day and I never heard from them. My intention was to go there and fish, and I ended up going there looking for him instead.”

Their disappearance sparked an aerial and marine search Saturday night

The lone survivor managed to cling to a lifeboat and set off two flares, which were spotted by searchers early Sunday.

He had hypothermia but was conscious and speaking when crews finally reached him at around 1:30 a.m., and he was picked up by a cruise ship and taken to hospital in Victoria. He’s expected to make a full recovery.

All three of the deceased’s bodies were located Sunday.

The Coast Guard said early reports indicated the survivor was the only crew member wearing a life jacket.

Both the Transportation Safety Board and Pacific Seafood, the company the boat was delivering to, have launched investigations.

“We’ll look at the crew, we’ll look at the vessel, we’ll look at stability issues, best practices, safe work practices – just about everything there is,” said TSB investigator Glenn Budden.

Friends and family identified Standing on social media Monday, calling him a man with a big heart who loved to fish.

The other two victims have not been identified.

With a report from CTV Vancouver Island’s Jett Bassi