Searches of the wreckage of The Governor have failed to find any trace of 16-year-old Nirvana Drew Reynolds - a former Waitaki Boys' High School student.
A search operation had previously located the fishing vessel wreckage lying on the sea floor about 2.5 kilometres off shore from Yates Point, north of the mouth of Milford Sound.
The vessel, skipper, Kevin Cosgrove, 60, and crew member Nirvana were reported missing on September 15.
Tuesday's dive did not locate the missing skipper or Nirvana in or around the vessel's wreckage.
Police said the dive was carried out in clear conditions and divers were able to take footage using camera equipment, which provided good views of the interior of the vessel and its external condition.
Currents had shifted the vessel about 200 metres south from where it had been resting when it was initially found.
No further dives have been scheduled and the official police search is now concluded.
The families have been informed of the outcome of the dive and the matter is now in the hands of the coroner.
Mr Cosgrove, 60, who was the owner of the boat, lived in Dobson, and Nirvana lived in Blackball with his parents. The teenager briefly attended Greymouth High School, but was previously at Waitaki Boys' High School in Oamaru.
Waitaki Boys' High School deputy rector Nic Hill said: "Nirvana was well liked by his peers and a very athletic young boy. He was outgoing and was always going to be someone who got a job doing something outside. His favourite subject was agriculture and he always worked hard."
Police said they appreciated the help of the Navy Dive Team.