| Rank | Hdcp | Class | SailNo | Helm | Crew | PY | R1 | Total | Nett | Notes |
|---|---|---|---|---|---|---|---|---|---|---|
| 1st | Handicap | Merlin-Rocket | 3350 | Don Terry | Simon Terry | 1034 | 1.0 | 1.0 | 1.0 | |
| 2nd | Handicap | Merlin-Rocket | 3103 | John Parmenter | Richard Parmenter | 1044 | 2.0 | 2.0 | 2.0 | |
| 3rd | Handicap | Laser | 154669 | Martin Watson | 1078 | 3.0 | 3.0 | 3.0 | ||
| 4th | Handicap | RS 500 | 633 | William Bovington | Top Richardson | 972 | 4.0 | 4.0 | 4.0 | |
| 5th | Handicap | Miracle | 2977 | Phil Cosham | 1178 | 5.0 | 5.0 | 5.0 | ||
| 6th | Handicap | Laser | 161608 | Colin Ross | 1078 | 6.0 | 6.0 | 6.0 | ||
| 7th | Handicap | Magno | 111 | Mick Lane | Steve Clark | 1075 | 7.0 | 7.0 | 7.0 | |
| 8th | Handicap | Laser | 143826 | Andrew Colthurst | 1078 | 8.0 | 8.0 | 8.0 | ||
| 9th | Handicap | Miracle | 2320 | Brent Auld | Charlotte Auld | 1178 | 9.0 | 9.0 | 9.0 | |
| 10th | Handicap | Dart 16 Handicap | 2630 | Melanie Clark | Karen Hilder | 876 | 10.0 | 10.0 | 10.0 | |
| 11th | Handicap | Miracle | 2620 | Hugh Ashford | Connie Ashford | 1178 | 12.0 DNF | 12.0 | 12.0 |
Eleven boats took part in the Nautilus Handicap, Three Lasers, three Miracle, two Merlin Rockets, one Magno, one RS500 and a Dart 16. There was no wind at the time race 1 was due to start, but one hour later there was a very light breeze from the south east. Don Terry crewed by Simon Terry (Merlin Rocket) took the lead from John Parmenter crewed by Richard Parmenter (Merlin Rocket) with Martin Watson (Laser) in 3rd and William Bovington crewed by Tom Richardson (RS500) in 4th.
By the end of lap 2 with the wind dropping even more the Terry’s had extended their lead from Bovington and Richardson with the Parmenter’s in 3rd and Watson in 4th.
The rest of the fleet finished after 2 laps, only the leaders completed 3 laps and they finished in the same order. Bovington and Richardson were unlucky to drift onto a mark and had to complete a penalty turn. The Afternoon race was cancelled as there was no wind.
The results after the handicaps had been taken into consideration were:
1st Don Terry crewed by Simon Terry (Merlin Rocket).
2nd John Parmenter crewed by Richard Parmenter (Merlin Rocket).
3rd Martin Watson (Laser).
4th William Bovington crewed by Tom Richardson (RS500).