The film follows Siobhan, a dedicated PhD student studying deep-sea faunal behavioral patterns who embarks on a perilous journey aboard the fishing trawler Niamh Cinn Óir. She joins a crew of six, including Captain Freya, her husband and skpper Gerard, the ship's engineer Omid, and crew members Johnny, Ciara, and Sudi. Their mission is to hunt for fish in the vicinity of the Irish coast, but soon they face unforeseen dangers that threaten everyone onboard.
At the outset, the crew receives a warning from the Irish Coast Guard that their intended fishing zone is part of an exclusion zone, a restricted area due to safety concerns. Despite this, Gerard makes an impulsive decision and guides the ship into the prohibited zone, needing a bountiful catch to sustain the vessel's operations and justify their risky venture. Their intrusion triggers a series of eerie and dangerous events.
While navigating the zone, the boat unexpectedly collides with an unknown, shoal-like object. Following the impact, Omid notices strange breaches in the hull that exude a strange blue-green slime—initially mistaken for barnacles. Siobhan, equipped with diving gear for her research, is sent underwater to investigate and makes a disturbing discovery: attached to the hull are tentacles of an immense, bioluminescent creature lurking beneath the waves. Her observations suggest the presence of a colossal organism, possibly a newly discovered giant squid-like creature.
The crew's efforts to capture this mysterious entity with a net prove futile as the beast is too heavy and powerful. During the chaos, Johnny's sleeve becomes caught in the ship's machinery, and although he is eventually freed, he sustains a deep cut contaminated with the creature’s slime. This slimy substance appears to be highly infectious.
Later, Siobhan, Gerard, and Johnny row toward a nearby ship, seeking help after witnessing more strange phenomena. Inside, they find a grim scene—their crew members are dead, many appearing to have committed suicides, with one man’s eyes notably removed. Gerard dismisses the horror, claiming it’s simply “sea fever,” and instructs Siobhan and Johnny to keep silent about what they saw. They return to their boat only to find that the creature has released the ship, allowing them to continue their journey with a surprisingly large haul of fish, boosting the crew’s spirits temporarily.
Amidst moments of camaraderie, Siobhan and Johnny begin to develop a mutual interest, sharing flirtatious moments. However, Johnny soon falls ill, developing a fever that Siobhan suspects is caused by an infection from the slime. Despite her concerns, Johnny refuses medical help, insisting he's fine. Then, things take a horrific turn: Johnny declares he’s going for a swim, only to go blind and suffer a gruesome death. His eyeballs burst open, releasing tiny, writhing organisms that slither into the ship’s water system, contaminating it.
The crew quickly realizes that the parasites and larvae of the giant creature have infiltrated their vessel. Omid and Siobhan examine the water filtration, discovering the filters have been eaten through by the relentless creatures. The situation grows dire as the bacteria and larvae threaten everyone onboard. They deduce the creatures’ origins—these larvae are the offspring of the enormous, bioluminescent being, whose eggs are spread across the slime on the hull.
In a desperate attempt to eliminate the threat, Siobhan conducts experiments, unsuccessfully testing UV light against the larvae. With the help of Omid, she then uses an arc welder to electrify the ship, aiming to sterilize the water. She advocates for a strict quarantine of at least 36 hours, fearing the spread of whatever infection is plaguing the crew. Most agree, but Sudi, who is already infected, collapses and dies before medical intervention can save him.
Throughout the ordeal, the crew begins to scrutinize each other for signs of infection, checking eyes and symptoms intently. Freya discovers parasites in Gerard’s eyes, leading to a private moment where the couple shares a heartfelt goodbye. Tragically, Gerard then takes his own life to prevent himself from turning into a host for the creatures.
As the infection continues to spread, Freya leaves alone on a rowing boat despite protests from Omid and Siobhan. They, meanwhile, discover that the very last surviving larva has grown larger and eaten through the hull, threatening to return to the ocean and cause further chaos. Recognizing their dwindling options, Siobhan and Omid set the deck on fire using white spirit, attempting to destroy the biological menace. In the chaos, Siobhan escapes onto an inflatable raft, but Omid, who cannot swim, is dragged underwater by tentacles. Despite her efforts, Siobhan injures herself while cutting her wrist on a tentacle, realizing she is infected too.
In a final act of bravery, Siobhan descends into the glowing depths, heading toward the monstrous creature in hopes of ending the threat at its source. Omid, on the raft, watches helplessly as distant rescue ships approach, hopeful that salvation is near as she fights to survive. The film culminates in a tense and haunting atmosphere, emphasizing the terrifying power of the deep sea and the unpredictability of nature’s hidden horrors.