Thieves made off with a home-built catamaran in Palmerston North at the weekend.
The two-tonne aluminium craft was stolen from a Malden Street address, north of the city centre.
Constable Andrea Tyson said the catamaran was predominantly white, with a red stripe.
It was about 7.5 metres long and had two Mercury motors.
"The catamaran is a one-off - home-built by the owner with a replacement cost of $100,000," she said.