Concerns have been raised over plans to partly privatise the RAF and Navy search and rescue services.
Despite political opposition, the Ministry of Defence announced last week that the service will continue as a Private Finance Initiative.
Canadian-based CHC helicopters is one of the companies expected to compete for the £1m contract which could start in 2012 and last 30 years.
The MoD and Coastguards Agency will jointly manage the services.
The move is regarded as a cost-cutting exercise and one which would release more military personnel for operational tours in Iraq and Afghanistan.
Another reason is the need to replace Sea King helicopters at military SAR bases over the next ten years.
Pembrokeshire and the Irish Sea is currently served by Sea King helicopters from the SAR base at Chivenor in Devon.
Milford Haven skipper and trawler owner Dai Bray said: "If this service is privatised the questions are will we have the same service or will lives be put at risk?' and who will have to pay for it?'"
"If a fisherman loses his boat, does it mean he will also worry about having to pay for his rescue. It would be like someone being in intensive care and being presented with a bill for the ambulance journey to the hospital.
"Maybe fishermen would have to look at marine insurance to cover them. And will it end up with the coastguards and RNLI going the same way?"
Jerry Percy, chief executive of the Welsh Federation of Fishermen Associations said: "In common with everything that is threatened with privatisation, it is the concern of end users that the service is maintained.
"The present search and rescue helicopters offer a tremendous service for offshore and inshore fishing fleets. We would like to see that service level maintained."
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