A member of the public heard the man's call and immediately alerted Valentia Coast Guard, who tasked Ballycotton's volunteer crew to launch both their all-weather and inshore lifeboats.
The inshore lifeboat was first to arrive on scene and the crew on board recovered the casualty from the water before transferring him to the all-weather lifeboat, where he was medically assessed, administered first aid and given oxygen.
The Irish Coast Guard's Waterford-based helicopter Rescue 117 was also tasked and arrived on scene around 3pm to airlift the casualty to Cork University Hospital, where he is said to be in a stable condition.
Speaking following the callout, Ballycotton RNLI coxswain Eolan Walsh said: "We would like to commend the member of the public who raised the alarm today as well as the immediate first aid action of the volunteer crew.
"Their quick-thinking and actions ensured that there was a positive outcome today for this casualty. We would also like to wish him a speedy recovery."