The teenage son of a British oil executive has died after colliding with the propeller of a speed boat piloted by his father during a family holiday in Greece.Toby Finnett, 15, was killed off the island of Paxos, south of Corfu, on Saturday when he fell into the water as his father Paul Finnett, 55, was steering the vessel.Mr Finnett dived into the water to recover his son, who had become caught up in the boat’s propeller, and headed to the nearest port, but the teenager was pronounced dead at a local hospital.The incident happened over the weekend after the family encountered choppy waters on a family day trip.It is thought that strong currents off Paxos also contributed to the incident, and caused the teenager to become caught in the rigid inflatable boat’s propeller.“Doctors and coast guard sped to the site of the accident quickly but when they arrived there they saw the young boy severely cut up by the propeller. He died instantly. There was no chance of rescuing him,“ a local Coast Guard official told The Times. The accident happened about half a mile from the port of Gaois, where Mr Finnett, a managing director at Aon, and his family had been on holiday. The Finnett family are understood to be currently living in Houston, where Mr Finnett works.A Foreign Office spokesman said: “Foreign Office staff are supporting the family of a British child following his death in Paxos, and are in contact with the Greek police about the incident.”It will likely draw parallels with the death of Sky TV executive Nick Milligan, 51, and his daughter Emily, 8, in a speedboat accident in the Camel Estuary, Cornwall.The accident happened as the family were returning the boat to its mooring on a sunny May Day Bank Holiday in 2013, following an afternoon excursion.The accident occurred after, Mr Milligan removed the kill cord – the safety feature designed to cut the throttle in an emergency- from his ankle to go to the toilet. Mr Finnett, from Littlehampton, West Sussex, is thought to have been an experienced sailor and had rented the speed boat for a day excursion to the nearby island of Mogonissi with his three sons – 17, 14 and 15.He was initially arrested by Greek police and made a statement in front of a magistrate on the island, but was released by police after investigators determined that poor weather was the most likely cause of the incident, the newspaper reported on Tuesday evening.“The father was initially arrested on suspicion of driving negligently,” a Greek official said, “but he was released after an investigation determined that the accident was most likely caused by bad weather conditions.“He [the young boy] must have slipped off the vessel during the choppy ride.“At the time of the incident a red alert had reportedly been issued by authorities against travelling between Paxos and the nearby island of Corfu due to poor weather. Paxos is the smallest of the Ionian islands and a popular holiday destinationCredit:iStockphoto We are devastated and we express our condolences to the family of the victimSpiros Vlahopoulos, mayor of Paxos The tragedy has shocked Paxos, the smallest of the Ionian islands and favorite holiday destination for British tourists.“We are devastated and we express our condolences to the family of the victim,” Spiros Vlahopoulos, the mayor, said. “We are providing everything we can to assist them in their trying time.” Want the best of The Telegraph direct to your email and WhatsApp? Sign up to our free twice-daily Front Page newsletter and new audio briefings.