A submerged wooden lobster boat discovered Saturday in Casco Bay sank without hurting anyone, according to the U.S. Coast Guard.

The vessel was reported Saturday afternoon near Chandler’s Cove off Chebeague Island. Investigators were able to locate the owner later in the day.

“He was safe, no one was at risk at any point. It sank yesterday,” said Frederick Drake, a petty officer at the South Portland Coast Guard station.

The owner intends to salvage the boat, Drake said. He would not identify the owner.

The incident was an accident, he added.

“It was an older vessel that had been sitting at the yard, dried out. When it went back in it started taking on water,” Drake said.

He did not know if there were any rules regarding how long the submerged boat could remain in the area before the owner is required to remove it.