This is part of the Hawaii Fishing & Seafood festival activity. Of course it's an affair of boaters and people who love to fish on Hawaiian waters.
This is the test rescue run of US coast guards on the event, showing people how they rescue at the ocean. The victim has pulled his flare and the bright orange smoke came out, then the rescue helicopter came to rescue him, they throw him a rope where he can hang and pulled out of the water. It was cool to watch, all the people especially the kids are all excited.