This speedboat, worth £20,000 was stolen from the drive of a house in Trimdon Station shortly after 11pm on Monday night.
A number of men are thought to have cut off the locks to the boat trailer, before cutting the brake cable of a Peugeot van which was parked in front of the speedboat.
After moving the van out of the way, the thieves then pulled the speedboat along the drive towards a waiting 4 x 4 vehicle - possibly a Chrysler Jeep - before driving it away along Station Road.
The speedboat has the word 'Bullet' on the side and there are probably only a dozen of this type in the country. The trailer is also distinctive and purpose built for the boat, which is a JB custom model with a Mercury 150 Optimax engine.
Police say that as the speedboat is very distinctive it would prove difficult to sell on. If anyone has any information they are asked to contact Peterlee police via 101 or to ring Crimestoppers, 0800 55511.