A speedboat driver has been found safe and well after spending the night stranded in Port Phillip.

The man and his vessel were found at Kirk Point, near Point Wilson, this morning.

Despite the near freezing conditions overnight, the man, aged in his 40s, did not require hospital treatment.

The man left the boat ramp at Werribee on a Sea-Doo jet boat about 10am yesterday.

Concerns were raised at dusk when the Wyndham Vale man failed to return home.

Police, helped by the Coast Guard, launched an extensive on-water search of Port Phillip last night.

That search was severely hampered due to fog.

The man was found today after aircraft today joined the search, tracking up and down the coastline.

@RossAndJohn search happening now with aircraft. @3AW693 pic.twitter.com/dWJuDxVVxH

— Mark Hansen (@markjbhansen) June 23, 2019