A helicopter crashed into the sea and sunk on Tuesday evening, 5 nautical miles from Valencia.
The incident occurred at around 17:00 when Valencia air traffic control reported losing contact with the aircraft.
A Sasemar 101 rescue aircraft was already in the area and located the two occupants of the helicopter in the sea, alongside a small oil slick.
The victims were picked up by rescue boat Pollux which had also been sent to assist.
The two men, aged 34 and 42, were said to be suffering from hypothermia and bruising, but otherwise fine.
An investigation has been launched whilst a salvage operation is also initiated.