The film is set aboard a luxury cruise liner, the Argonautica, which is on its maiden voyage. The story begins with a group of mercenaries led by the cunning and charismatic chief, Finnegan (Treat Williams), who is hired to steal the ship’s valuable cargo. Finnegan and his crew, including the skilled pilot Joey (Derrick O’Connor) and the tough-as-nails Arabella (Famke Janssen), are preparing for their heist when they discover that the ship’s passengers and crew are missing.

As the mercenaries investigate, they soon realize that the luxury liner is not just deserted but has fallen prey to a horrifying sea creature. The ship is under attack by a massive, prehistoric cephalopod that has been awakened from its slumber in the deep ocean. This creature, resembling a giant squid, has a ravenous appetite and poses a deadly threat to everyone aboard.

With the ship under siege and its systems failing, Finnegan and his crew must navigate a series of perilous situations as they attempt to escape the monstrous threat. As they fight for survival, they form uneasy alliances with some of the ship’s survivors, including the enigmatic and ruthless corporate executive, Simon Canton (Anthony Heald). The film builds to a tense and action-packed climax as the characters face off against the monstrous creature in a desperate bid to escape the doomed vessel.