These three articles seem to have the best coverage of this week's boat sinking in the Texas Gulf.
One of the two passengers survived 30 hours in the water after drifting for 50 miles, the other didn't make it.
Two marine radio Mayday calls went unanswered, no cell phone coverage available. The survivor spotted a manned oil rig about 3 PM and swam for it, but could not reach it. Coast Guard search was initiated ca. 27 hours after sinking, based on an overdue report from the survivor's wife, at 11:30 PM. Around 2AM the survivor reached an unattended oil rig and phoned his wife, asking her to have the Coast Guard phone him back. The Coast guard looked for his friend at the last reported position, but a fisherman found the body first (ca. 9 AM).
Information on Coast Guard Search Fairly detailed account Another fairly detailed account.