The Maritime and Coastguard Agency (MCA) said the coastguard rescue helicopter from Inverness and the Fraserburgh RNLI lifeboat were sent to the Karyina boat this afternoon when the blaze was reported.
A nearby fishing vessel called Pleiades also responded to the emergency alert and recovered the five crew, who had abandoned their vessel and taken to a life raft, the Maritine and Coastguard Agency said.
A spokeswoman for the Maritine and Coastguard Agency added: “There is a chance that the vessel will sink during the course of the evening.”
VIDEO: Helicopter footage shows boat on fire in North Sea