At 4,000 feet the Ottoia are only as long as a pencil, with bodies about the size
of a golf ball. But those at 20,000 feet have been known to eat full grown
sharks! At 30,000 or 40,000 feet...
The movie opens on a boat being piloted through a storm on the South China Sea by John Finnegan. Under the motto of 'If the cash is there, we do not care' he has been chartered to transport a group of suspicious looking men and a cargo to a destination in 'the middle of nowhere'. Despite this policy and their boss' determination, Joey Pantucci and his girlfriend Leila are less than impressed and hardly convinced that they are going to finish the job completely intact.
The focus shifts away from the small boat to the Argonautica; a veritable floating palace which has embarked on its maiden voyage with many wealthy passengers. The ship is the brainchild of Simon Canton and is under the watchful eye of seasoned Captain Atherton (Derrick O'Connor). Mingling among the guests and taking full opportunity of the facilities and entertainment is Trillian, a glamorous thief. The party reaches full swing as Canton delivers a speech. With the crew and passengers occupied, Trillian makes her way toward and successfully enters the room containing the ship's safe, and the valuables within. She is removing the jewels when she is caught by Canton, Captain Atherton and two stewards. She is placed in a storeroom as the brig is currently incomplete.
The party continues, and it soon becomes apparent that the ship's navigational and communication systems have been brought down by a problem the crew cannot identify; and that the ship is running blind, leading Canton to go into hysterics.
The crewman manning the sonar brings an unusual object to their attention, and they can only watch with increasing alarm as the object hurtles toward the ship from the ocean floor. Moments later the party, as well as the ship itself are brought to a sudden and violent stop. The sudden deceleration sends guests crashing to the floor and causes several of the ship's fittings to break loose. Reeling from the stop, the passengers begin to panic as a series of unusual sounds echo up from somewhere beneath the liner.
It is revealed that Finnegan's transport consists of a group of mercenaries who have been hired to rob the Argonautica's passengers and set them off safely before sinking the liner with a torpedo launcher. The ship serves a secondary purpose as a floating garage as Finnegan's boat ploughed into the drifting speed boat, damaging his own ship's engine. Using information and schematics given to them by an insider, the team, led by Hanover boards the liner and enters the Main Atrium. However, all they find are the shattered remnants of the party and blood. Hanover orders the group to split up; he, Vivo, Mason, and Mulligan will find the vault; Finnegan and Joey are sent to the engine room to get the parts they need to repair their boat, with T-Ray and Mamooli standing guard. As they explore each of the key sections of the ship they find signs of chaos everywhere. The lack of life make the team uneasy. After performing as much of the securing as they can manage, they head down to the safe room and find Trillian.
With the card in hand and Trillian being held by one of Hanover's men, the safe is unlocked and the contents revealed. Vivo is killed accidentally by Canton who drives an axe into Vivo's head and two of the other pirates open fire into the vault killing three surviving passengers; leading to Canton and Captain Atherton being pulled out at gunpoint.
In the engine room, Finnegan and Joey witness Mamooli and T-Ray being dragged underwater by some unseen force, while back on Finnegan's boat, Leila and the mercenary who was watching her suffer a similar fate.
It is revealed that the ship has become infested by creatures that resemble giant worms, which swallow and digest their prey alive. Canton speculates that they are members of a family of deep-sea worms which have evolved to immense size in the extreme depths of the ocean. They know that the infestation is too large to kill with conventional weapons and so plan a drastic last ditch effort to stop it from getting to anyone else. They crash Finnegan's boat into the Argonautica. The boat is armed with one of the torpedoes belonging to the mercenaries. The creature is seen in the ship's main atrium where the monster bursts through the floor and grabs Finnegan, but he is able to free himself by shooting the creature in the eye with a shotgun. It is revealed that the creatures are actually a single octopus-like creature which uses its many tentacles to digest prey.
The survivors are able to take a moment to relax on the only nearby island they saw during the night on the liner. They find out that one other survivor made it to shore, Joey. However it appears that this break will be short lived when a roar echoes across the island and something comes out of the nearby forest......
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