An underwater salvage team, the Tiger Sharks, is commissioned to retrieve a downed spacecraft from a nearby planet Waterro. Waterro is a planet that is over ninety percent water. The planet's inhabitants, the waterians, agree to let the Tiger Sharks salvage the ship and also send a couple of their own citizens, who can breathe on land as well as in the water, to help in the salvage effort. The Tiger Sharks send single member, Lorka, to handle the retrieval. The downed spacecraft's cargo contained X-400, the most deadly and destructive explosive in the universe. While the preliminary prep for the ship and its cargo, a Mantaray ship, commanded by T-Ray, arrives on the planet. Upon his arrival, he frees an old enemy of the waterians, Captain Bazarlie, and his pet Dragon stein. The two had been frozen in the ice a long time ago. T-Ray submerges his ship and finds Lorka and his two waterian. They are all captured, but not before Lorka sent out a distress signal. Once the Tiger Sharks ...