Based on my EMS experience, if there is a pulse then the breaths can do the trick. I never treated a patient who had drown though, but I've though about it often enough. It seems to me that first and foremost is to try to clear the water out of the lungs - two rescue breaths at the top before going for the boat may help this. Compressions on the boat may help this. Turning the patient over and rolling them on top of a wooden barrel would certainly help this - but who has wooden barrels on their ships anymore?
When I was a medic it was never stressed to get the water out. This seemed counter-intuitive to me, and still does. With a patient lying flat on their back, forced air into the lungs may dispel some water, but overall I imagine that the air would come out before much of the water. Despite my (perhaps misguided) training, my impulse, once on the boat, would be to aggressively turn the patient over and try to get out as much water as possible (Heimlich) or to do it while they are on their back (push upward a few times from diaphragm - the uncoinscious Heimlich). One can try to get air in all they want, but if the space is already taken up by water...
Has anyone had a more recent, and more applicable, class that addressed drowning?