- After debris from an alien spaceship lands in the waters, great white sharks begin terrorizing marine researchers (Corin Nemec, Vanessa Angel, Corbin Bernsen) in the Pacific Ocean.
- Doctor Mike Olsen returns from his oceanic observation station, where his wife Linda feels in charge, when it's reported in desperate trouble after a sudden shark attack wrecked the oxygen supply. The accompanying ship and even the coast guard are also attacked, and soon other sites in and around the Bermuda triangle, where a few years earlier an alien space-ship crashed, which now seeps a mysterious organic crystal. The US Navy sends a submarine, which also carries bureaucrat Ben Stiles, who berates safety and other violations aboard. More dangers lurk inside as getting out proves physically daunting.—KGF Vissers
- In outer space, two alien spaceships collide, one of which releases a capsule that lands at the bottom of the Bermuda Triangle. Five years later, the underwater research facility, the Oshona, discovers the crystals, and the facility's manager Mike Olsen retrieves them. As Mike leaves for the mainland, divers Don and Jake attempt to make repairs outside of the facility. However, they are soon attacked by sharks. One of the scientists, and Mike's wife Linda attempts to rescue them, only to be chased by more sharks, which inadvertently cause the facility to lose power, cutting the facility's oxygen supply, which begins to decrease, and Linda, scientist Jonas, technicians Vera, Simona, and Carlo, and workers Harvey, and Leo are trapped in the facility.
Mike receives word of the incident, and boards the submarine USS Roosevelt, piloted by captain Riley. Meanwhile, a boat above the Oshona, the Paradiso, sends a diver down to inspect the damage, although he's killed by the sharks. They then attempt to send two men down in a seaplane to retrieve the cables, although one of the sharks rams the plane, causing one of the men to fall overboard, and be eaten by the shark. In the Oshona, Jonas discovers that the sharks' aggressive behavior is being caused by the crystals, which have been eaten by the sharks, creating a psychological effect on the sharks' minds. Harvey becomes increasingly paranoid. The sharks, in the meantime, kill several people at a nearby beach before sinking a nearby boat.
Mike, and agent Ben Stiles are transferred into the Oshona, and intend to evacuate the survivors into the submarine, although an electrical overload created by the crystals occurs, creating a fire in the engine room, and preventing the evacuation. With the oxygen supply dwindling, Mike, and Carlo are sent in a submersible to turn on the facility's oxygen reserves. They are successful, although Carlo is killed when the sharks attack the submersible. Mike is forced to hide in a nearby crevice, where he finds the capsule, and retrieves another sample of the crystal before managing to return to the Oshona. Harvey finally snaps, and attempts to escape in another submersible, although the sharks attack it, and cause it to sink into a crevice, creating an explosion that kills Harvey.
Minutes later, Mike, and Linda discover Jonas to be stabbed to death, and as they return to the control center, Stiles appears, and causes a shootout that kills Vera. Stiles reveals himself as a Black Ops agent who has been sent to retrieve the crystals. Leo attempts to create a diversion that distracts Stiles, although is killed himself. Mike, and Linda run away while Stiles take Simona as a hostage. However, he soon decides she's useless, and traps her inside a flooding room, where she drowns. Stiles stealthily chases Mike, and Linda throughout the flooding facility, although is finally subdued after engaging in a fight with Mike. He then attempts to escape the facility, only to be eaten by a shark. Mike, and Linda witness two aliens diving down, and retrieving the capsule before the Oshona completely collapses. Linda nearly drowns, although Mike rescues her, and they are picked up by Riley in the submarine, where Linda is revived. In the aftermath, Mike fails to convince Riley of his sighting of the aliens
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