Reuven Simon and Joseph Sebastian, both 16, died after getting into difficulty in Enagh Lough. Another male was taken to hospital for treatment to his injuries.
Mr Durkan, who lives in the area, attended the scene on Monday evening.
Said the Foyle MLA: “Our entire city is in a deep sense of shock and mourning following the news that Reuven Simon and Joseph Sebastian lost their lives while swimming in Enagh Lough on Monday evening.
“The loss of two young lives in such tragic circumstances is utterly heartbreaking and I know I speak for everyone in Derry when I say that our thoughts and condolences are with the families affected.
“Our thoughts are also with the teenager currently recovering in hospital and the other young people who were present on Monday evening when this incident occurred.
“I spoke to some of them at the scene and it was clear to see they were distraught with what took place.
“This is the first incident of its kind at Enagh Lough in many decades and is a stark reminder of the need to take care around water.
“The families of the young boys who lost their lives are well known and respected in our city and I’m sure that the people of Derry will rally around them and support them in any way we can, as we do anytime this area is touched by tragedy.
“I hope the outpouring of support will provide them with some comfort in the difficult time ahead.
“I have had a very close relationship with the Kerala community in Derry for over 15 years and have known Reuven and Joseph since they were babies.
“It is impossible to convey the devastation that has been visited upon this hard-working and humble community in the wake of this tragedy,” added Mr Durkan.
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