The 52-year-old instructed his captain and crew to race to the rescue. When they were nearer to the stricken boat, he used his tender vessel, attached to his yacht, to help evacuate those on board, reported Daily Star online.
"He only did what any good person would do. If his yacht was in trouble he would want someone to come to his rescue," a source said.
"It was just lucky they happened to be close by," the source added.
Cowell later sent his staff in a small ferry, to pump the water out of the vessel, called Slipstream.