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After an unsuccessful attempt to recover a lost treasure off the coast of Florida, five adventurers concoct a wild scheme for highjacking the Queen Mary . The group consists of beautiful Rosa Lucchesi, an Italian who is financing the venture; Mark Brittain and Linc Langley, partners in a debt-ridden charter boat business; Vic Rossiter, an opportunist with designs on Rosa; and Eric Lauffnauer, a former U-boat commander. Utilizing a World War II German submarine they found during the Florida escapade, they bring in a sixth member, Tony Moreno, an expert in repairing submarine engines and equipment. Once their vessel is ready, they intercept the Queen Mary and, by posing as British officers, Mark, Rossiter and Lauffnauer obtain permission to go aboard. Then they warn the ship's captain that unless he turns over the contents of the safe, the Queen Mary will be torpedoed. As the men empty the safe, the Queen Mary signals an SOS to a U. S. Coast Guard cutter in the area. During the getaway, Rossiter is killed; and Mark and Lauffnauer allow the loot to fall over the side while they frantically make their escape. Back on the sub, Eric decides to torpedo the approaching Coast Guard cutter and kills Moreno for opposing him. Mark hurls himself at Eric as he fires, but the torpedoes miss their target. Rosa, Mark, and Linc escape in a rubber raft as the cutter rams the sub. Lauffnauer goes down with the sub, and the three survivors drift in the direction of South America.