The crash took place about 800 metres offshore from Koh Larn's Tawaen beach.
Of the two most seriously injured, one's legs were nearly severed, and the other's leg was torn off.
According to an initial probe, a total of 28 South Korean tourists were travelling on the two speedboats to the island when the crash took place.
All of the passengers were wearing life jackets.
The two drivers of the speedboats left the scene and are still at large.
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