The film opens aboard an Italian ocean liner, Antonia Graza, in May 1962. Dozens of wealthy passengers enjoy dancing in the ship's luxurious ballroom while a beautiful Italian woman sings "Senza Fine." Away from the party in an outer room, a gloved hand pulls a switch that unravels a thin wire cord from a hidden spool. Suddenly, the spool snaps and the wire slices across the deck (dance floor) like a blade, bisecting the dancers. A number of them remain alive for several seconds before grasping that they have been cut in half.
Only little Katie, dancing with a ship's officer (the Captain), is spared, thanks to her small stature and to the captain leaning down on her when he saw the wire snap. Seeing the fate of the other dancers, she looks up at the officer's face. He looks back at her sorrowfully, as his face splits open at mouth level and the top of his head falls off. Katie then screams, the view from the outside of the ship zooms down underwater, and the film cuts to the present day.
A salvage crew has retrieved a sinking ship in the open ocean. Greer is having difficulty controlling the ship.
Greer: I can't hold her much longer, Murph. Port bow is heeling. She's taking on way too much water.
Murphy radios the crew wanting to know what is going on back there. Greer then reports the starboard engine is blown and the Port engine is running too hot. Greer recommends they cut it loose. Murphy informs Maureen Epps, Munder, and Dodge they don't have much time and to get back. If the salvage sinks, it will take their small tugboat, the Arctic Warrior, with it. Epps reports there is a punch in the port floater, five minutes before she floods.
Murpy orders his crew to get back, they are cutting it loose. Epps argues that it took them three months to get her off the bottom. She will not lose her now. Murpy's temper is rising and barks to her to return. Greer reports they are taking on too much water. Murphy is furious and repeats his demand to obey him, but Epps ignores him and dives into the tank to plug up a gash in the salvage ship. With the help of Munder and Dodge, she get's the job done. They bring the ship into port and receive its salvage value from the authorities.
Later they celebrate their success at a bar. The crew toast to the sea. Jack Ferriman, a Canadian Air Force pilot, approaches them and offers to buy Murphy a drink. Epps chimes in that Murphy doesn't drink. Ferriman asks to talk to Murphy alone, but Murphys insists he talk to the whole crew. Ferriman informs them that he flies the Arctic Weather Patrol flights out of Mackenzie Bay. He shows them an aerial view photo of a ship.
Ferriman: Last month I was out in the middle of the Strait when I came across this.
Epps: Congratulations. You found a boat. In the middle of the ocean, of all places.
Ferriman explains he tried radio contact and got nothing, assuming she had to be adrift in the Bering Strait miles from shipping lanes. He alerted the Coast Guard, but it's international waters, so they noted it and that's it. He didn't see the name of the boat and forgot about it until he saw it again weeks later. When Murphy asks what is in it for him, Ferriman wants a 20% finder's fee of whatever it's worth.
Epps: Have you told anyone else about this?
Ferriman: Not a living soul.
Murphy asks Ferriman to allow him to talk to his crew privately, he complies and steps away. The crew discuss whether the ship would be worthwhile. Their initial reaction is hesitant, they've already have been out for six months, Greer is getting married in a month, and the Starboard diesel needs an overhaul.
Murphy: I do know one thing. I've seen strange things happen in the strait. But I know something else. Sea gives you an opportunity, you take it.
Murphy repeats his motto that the crew have heard too often: In their business, the only plan is . . . there is no plan.
However, if his crew doesn't want to take the job, he will just tell Ferriman to get someone else. The crew then have second thoughts and discuss what the ship might be worth, could be millions, thousands, or nothing. And whether they have the right to salvage it. Murphy offers them an even split, beats paying them overtime.
The whole crew agree to do the quest. Murphy calls back Ferriman and makes a counter offer of ten percent. At first Ferriman refuses, then agrees only if he goes with them. Murphy wants no part of that, not on his boat. But Ferriman says he's not about to just tell him where the fortune is without insurance, so he can take it or leave it.
The crew soon set out on the Arctic Warrior. Ferriman is curious what inspires Epps to purse this profession.
Epps: You mean, what's a nice girl like me doing in a dump like this, instead of raising a family? Simple. I own a third of Murphy's operation, I'm not that nice, and these monkeys are my family.
Munder and Dodge make monkey sounds.
They finally discover the old ship.
Murphy: It's the *Antonia Graza*. Jesus Christ.
Epps: You know her, Murphy?
Murphy: Only in my dreams. Christ, she's beautiful. These Italian liners, you know, they couldn't compete for speed, so they built these floating art palaces instead. She was reported missing on the 21st May 1962 off the coast of Labrador. Funny thing is, there was no distress signal, no contact. She just disappeared. She was gone. So ever since that day every captain and his mother has been looking for her, hoping she hasn't gone down. Do you know what this means?
Ferriman: What?
Murphy: It means under the law of the sea, she's ours. Let's not keep a lady waiting, guys.
They begin exploring the abandoned ship.
The crew members take different paths. Ferriman goes with Epps while Munder joins Dodge.
When they board the ship and prepare to tow it to shore, strange things begin to happen. Epps saw something mysterious on the stairwell while trying to save a crewmate from falling through the floor.
Ferriman: You okay? You seem quiet since you came back.
Epps: I think I saw something I couldn't possibly have seen.
Ferriman: Like what?
Epps: No, it's crazy. It doesn't matter.
Ferriman: No, I'm curious, tell me.
Epps: I think I saw a little girl.
Ferriman: On the boat?
Greer claims to have heard the singing of an unseen songstress in various places on the ship. Epps and Ferriman discover the corpses of another team of salvagers in the ship's laundry room.
Greer: Earlier, when I was doing my recon, I could swear I heard a women's voice singing to me. It was like she was, like she was coming on to me or something.
Munder: Oh, no.
Greer: It was the sexiest voice I ever heard, man.
Santos: She got any backup singers?
Munder: Brother, whatever you're on, get me some!
Dodge: I think maybe you're not quite ready to get married, Greer.
Epps: Wanna hear something funnier? We just found a bunch of dead guys floating in the laundry room.
Later, Munder and Dodge come across stored canned goods. At first they are hesitant about trying it consider how old it must be, but are pleasantly surpised how good the beans tastes and gorge themselves. Suddenly they are horrified to discover the beans were actually maggots.
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