PlotAboard the "Olive Oyl's Salvage Co." ship, in a opening that recalls that of Stealin' Ain't Honest, Olive shows Popeye a secret map indicating the resting place of a ship whose strong room contains a safe holding valuable treasure. Outside, on deck, stowaway Bluto eavesdrops. Upon arriving at the X-spot, Olive helps Popeye put on his diving helmet while Bluto dons his and beats Popeye to the marine bottom. There, Bluto notices a huge shark-eating clam and sets Popeye up to fall into its maw. Although undisturbed, the big man struggles to open the strong room's door, as his sailor competitor's pipe smoking frees him from his shellfish entrapment. Bluto then gets the idea to create a false "mermaid" by trapping a sawfish into the upper half of a broken mannequin. The manufactured sea maiden's undulating movements entrance the sailor so he keeps on chasing "her" and kissing "her."
When the sawfish is finally able to saw itself free, it is soon dispatched by Popeye's punch. Next, the hero ends up fired from a sunken cannon, up onto Olive's deck, but dives back down as Bluto finally gets through the strong door and snatches the safe. In turn, Popeye grabs it without even noticing his opponent, until the latter throws him to a giant octopus and carries the treasure away. As she takes the emerging diver's helmet out, Olive is horrified by the "sea monster", whom traps her halfway out the ship's front in figurehead fashion - risking her drowning. Popeye remains underwater, squeezed by the octopus' many arms, until they squeeze his spinach can out, and open. After eating the greens and disposing of the monster, he floats up the wreck and rows it like a boat, soon catching up with Olive's hijacked ship, rescuing her and tying the usurper on a small raft to ride behind them. Olive expertly opens the safe, fainting in delight as the treasure consists of a photo of Frank Sinatra.
On the U.M.&M. print, the original titles were retained, complete with Paramount references intact.
- Peep in the Deep at the Internet Movie Database