MATAGORTA BAY, Texas -

For hours after their boat sank, Ken Henderson and Ed Coen treaded water in the Gulf of Mexico, talking about life and death while struggling to survive.

For more than 30 hours, it worked.

Then Henderson was forced to make a decision that would save his life, but not his best friend's.

"This is the last-ditch effort, but I'm going to go for help or you're not going to make it," Henderson told Coen, just before cutting the strap that connected them in the deep, cold waters off the Texas coast.

"I understand," Coen responded, giving Henderson a last set of instructions. "Kiss them babies for me."

It was Friday around 4 p.m. when they parted.

On Tuesday, days after the fishing trip ended in tragedy, Henderson recounted the harrowing tale for The Associated Press, alternating between sorrow, guilt and laughter as he recalled the last 30 hours of a man who had been his best friend for 25 years.

The saga began Thursday around noon.

They had been fishing for a few hours when Coen noticed the 30-foot Scarab was filling with water.

Henderson started four bilge pumps.

Water sprayed everywhere.

Coen quickly unhooked the boat from one of the many oil and gas rigs in area where they had been fishing.

Henderson revved an engine, but the saltwater that had leaked in kill them quickly.

"Mayday, mayday, mayday Marine 16," Henderson called over his Marine radio. He got no response.

He dialed 9-1-1 on his cellphone. There was no signal.

Suddenly, the bow went up.

Henderson flew back. Coen jumped to the right, his sunglasses and cap flying off.

Already wearing life jackets, the two ex-Marines grabbed extra life jackets and other floating items.

"The water was so cold it took your breath away," Henderson said.

Coen, a slim man, immediately began to shiver.

After failing to swim to a gas well nearby, the pair prepared for a long wait.

And they talked.

"We talked about stuff that I'll never talk about. We discussed things and discussed life. We discussed families. We just tried to keep ourselves occupied," Henderson said.

As night fell, they took turns laying on each other's chests, conserving body heat.

They tied their life jackets together to ensure they wouldn't drift apart in the dark.

They dozed. Coen started hallucinating. Henderson tried to keep Coen's arms and legs moving. He called him a sissy to get him angry.

But as morning came, Coen's situation worsened.

It took time to wake up. He tried to light a cigarette that wasn't in his mouth.

"I came to the realization that one of us may not make it or that both of us may not make it," Henderson said. "I just felt helpless sitting there with him."

About 3 p.m., the pair drifted toward a manned rig. Henderson realized his friend wasn't keeping his head above water.