The volunteer crew were requested to launch their all-weather lifeboat at 1.19pm following a report from the Irish Coast Guard that two divers were in the sea and holding on to a buoy off Hook Head.
The two men had been doing a shore dive when they drifted offshore in tidal conditions.
Launching under coxswain Michael Griffin with four crew members onboard, the lifeboat was on the water within minutes. The Irish Coast Guard helicopter Rescue 117 from Waterford was also tasked.
Weather conditions at the time were good as the lifeboat made its way to the location around half a nautical mile from Hook Head.
On scene, the lifeboat crew observed orange smoke deployed by the helicopter overhead to guide the crew to where the divers had been located.
The divers, who were thought to be in the water for some 30 minutes, were assessed with one showing early signs of hypothermia.
Casualty care was administered on the lifeboat and the two divers were transferred safely back to shore at Slade Harbour, where they were made comfortable and not found to require any further medical attention.
Speaking following the callout, Dunmore East RNLI volunteer lifeboat press officer Neville Murphy said: “We were happy to help the divers and would like to wish them both a speedy recovery.
“As we approach the summer months, we would remind anyone planning any activity at sea to respect the water. Always wear the appropriate clothing for your activity and always wear a personal floatation device.
“Check the weather and tide times before you venture out and remember to always carry a means of calling for help and tell someone else where you are going and when you are due back.”