The coastguard was alerted by the crew of a fishing boat at about 1.55am on Tuesday morning (October 30).
Aberdeen and Stonehaven lifeboats and a coastguard helicopter from Inverness were sent to the area, while several nearby commercial vessels also helped with the search after responding to mayday broadcasts.
Enquiries to establish the full circumstances of his death are still ongoing, though there are not thought to be any suspicious circumstances.
Detective Sergeant Jill Anderson said: “Our thoughts and sympathies are very much with Mr McTaggart’s family and we would encourage respect for their privacy at this difficult time.”