Search-and-Rescue NGOs in the Mediterranean have been increasingly criminalized. This criminalization has chilled conversation about the real ethical dilemmas that the practice involves. What, if any, can be the adverse by-products of rescuing life at sea? In this article, we concentrate the dilemmas involved in SAR as seen from the perspective of rescuers. Our aim is twofold. The first is to map the dilemmas from a phenomenological perspective, as they are experienced by rescuers at sea. The paper sheds light on the complexity and nuance of the ethical landscape of maritime rescue, revealing an intricate web of interactions acknowledged by rescuers as posing ethical challenges. The second aim is to offer a conceptual framework for what it is that SAR NGOs are, in fact, doing. We contextualize their actions within the larger terrain of 'border externalization', in which states have moved enforcement activities to extraterritorial zones, where human rights law ostensibly does not apply. We thus argue that the set of norms underlying practices developed by SAR NGOs amounts to a strategy of counter-externalization. The idea here is that a window of opportunity can be created at sea, where human rights or international law protections more broadly apply, but enforcement powers of states are suspended. By utilizing these legal grey zones to the benefit of migrants, rescuers effectively turn extraterritorial zones from spaces of lawlessness into spaces of resistance. The rescue ship thus becomes a 'floating sanctuary'.