"After discussing with local authorities, the water safety team and surfers, the WSL commissioner's office has chose to resume competition for the Margaret River Pro at Main Break at 10.40am, following a one-hour hold prompted by reports of a shark incident at Gracetown - approximately 15km away from the event site", a spokeswoman said.
He punched it before making his way to shore, where his friends used the rope from his board as a tourniquet until help arrived.
A spokeswoman for the event said the surf contest was under way at Margaret River's main break at the time of the attack.
He is conscious and breathing and is being taken to the Royal Perth Hospital by RAC Rescue. He is being transferred to the state trauma unit where he will continue his recovery.
An official says a shark mauled a surfer off the southwest Australian coast, inflicting serious injuries to both of the man's legs. According to reports, a man in his 30s was bitten by a shark at around 7:45 am.
The incident happened at Cobblestones, south of Gracetown and Cowaramup, near Margaret River, about three hours south of Perth.
Surf photographer Peter Jovic told the ABC that the man body-surfed to the beach after a shark pushed him off his board.
'They got him to shore and started working on him to stem the bleeding'.
A surfer was killed by a shark at Gracetown in 2013.
The Margaret River Pro worldwide surfing competition which is taking place nearby has been put on hold while organisers wait for information from local authorities.
"We have been alerted of a shark incident that occurred near Gracetown", organisers said on Monday. "We are placing the Margaret River Pro on hold while we work with local authorities on next steps".
The surfer was knocked off his board before being thrashed around, a witness said.
"The safety of our surfers & staff is a top priority". A four meter shark was later spotted nearby.
"We've brought in extra drones and extra jet skiis. everyones go their dedicated jet ski".