About 1.15pm Tuesday, March 19, emergency services were called to Pebbly Beach, Durras North, around 29km north-east of Batemans Bay.

The woman had been found unconscious in the water.

Two surfers managed to drag the woman on to their boards and commenced CPR, before the Westpac helicopter winched her to the shore.

Paramedics continued CPR, however, the woman died at the scene.

While she hadn't been formally identified, it's believed she was in her 40s.

Officers from the South Coast Police District will prepare a report for the coroner.