(GUARDIAN) – All 338 high school students and teachers on board a South Korean passenger ferry that began sinking on Wednesday have been rescued, according to reports.

The ferry, identified as the Sewol, was carrying about 470 passengers, including the students and teachers, en route to Jeju island, about 100 km (60 miles) south of the Korean peninsula when it got into difficulties and began listing dramatically to one side.

One person was found dead on the ferry, the coastguard said, but it was not clear whether the remaining passengers and crew were still on board. Coastguard vessels and helicopters were despatched on the rescue operation and were helped by commercial ships in the area. “There are around 450 people on board and we have coastguard vessels, commercial ships in the area, as well as helicopters all engaged in the rescue operation,” the spokesman said.