Birregurra scuba diver drowns near Peterborough

The 42-year-old man, who is believed to be from Birregurra, was at Croft's Bay, located about five kilometres west of Peterborough along the Great Ocean Road.

Acting Sergeant Cam Ross of Warrnambool police said the man went diving with two companions.

"They got separated and the two companions came out of the water and hadn't seen him," Acting Sergeant Ross said.

"They went to look for him.

"There were a couple of fishermen on the beach and they saw a male in the water."

The man was brought ashore and CPR was performed but he was unable to be revived. Ambulance officers that arrived at the scene were also unable to revive him.

A police media spokeswoman said the 42-year-old went missing around 2.30pm and was discovered floating in the water around 4.30pm.

Acting Sergeant Ross said the police investigation into the cause of the drowning was continuing.

"There will probably have to be an autopsy," he said.

"We don't know the extent of what's happened, whether he got in difficulty or what the cause was."

He said he believed the water police would be heading to the scene to attempt to retrieve the man's diving equipment.

A police report will be prepared for the coroner.

Croft's Bay is described on the Beachsafe website as a four out of 10, meaning it is at the lower end of the "moderately dangerous" rating.

"This is a relatively safe beach, with typically low waves and no rips," the website states.

"The beach faces south and is protected by extensive reefs extending up to 1 km offshore."

"These reduce the waves to an average of 0.5 m at the beach, resulting in a steep, barless beach, with a low, surging shorebreak and usually no bar or rips.

"There are a few rocks along the beach and reefs that are exposed at low tide."

Croft's Bay is the westernmost bay in the Bay Of Matyrs group.

Swells of 1-2 metres were expected along the southern coast on Saturday.