The Seaview is sent to stop an active volcano from erupting and causing a catastrophe. Accompanying them is Dr. Turner who's suppose to help them. But it turns out he has a different plan and that is to make the volcano erupt so he can acquire something that will make him immortal.

When four capital ships vanish, Admiral Nelson and Commander Van Wyck are sent to investigate. They find an island where Nelson removes a dagger from a skeleton which happens to be the captain of the Amsterdammer, the Flying Dutchman, and is then cursed. Van Wyck is in reality the first mate who killed the Captain. His plan is to kill Nelson with the dagger so that he can be free and Nelson will take his place.