Dick Cross, a competitor in the BOC...

Dick Cross, a competitor in the BOC Challenge solo around-the-world yacht race was rescued from a life raft after abandoning his sinking 46-foot sloop, race officials said.

Cross, 37, of Southeast Harbor, Maine, apparently struck a submerged object. He was believed to be uninjured but was hospitalized for observation, a BOC spokeswoman said. A Navy helicopter plucked Cross from his life raft and flew him to Bermuda.

The yacht, built of cedar, mahogany and Kevlar, was designed especially for the 27,000-mile race that began last Saturday from Newport, R.I. Twenty-four yachts remain in the race. Cross is the first competitor to drop out.