A salvage crew has retrieved a sinking oil rig in the open ocean. They bring the ship into port and receive its salvage value from the authorities. While celebrating their success at a bar, Jack Ferriman, a Canadian Air Force pilot, approaches them and says he has spotted a mysterious vessel running adrift in the Bering Sea. As the ship is in international waters, it can be claimed by whomever is able to bring it to a port. The crew soon set out on the Arctic Warrior, a small tugboat. While exploring the abandoned ship, they discover that it is the Antonia Graza, an Italian luxury liner that disappeared in 21 May 1962 and was believed to be lost at sea. The ocean liner's disappearance was well known at the time.
When they board the ship and prepare to tow it to shore, strange things begin to happen. Maureen Epps claims to have seen a little girl on the stairwell while trying to save a crewmate from falling through the floor. Greer claims to have heard the singing of an unseen songstress in various places on the ship. Epps and Ferriman discover the corpses of another team of salvagers in the ship's laundry room. The crew decide to leave the ship but take the large quantity of gold that they find on board. Their tugboat explodes from a tank of propane that mysteriously is opened as the engine is started, killing Santos, who was trying to fix the boat, and leaving them stranded on the ghost ship in the Bering Sea.
As they decide to attempt to fix the Antonia Graza and sail it back to land, more and more crew members are killed, as they discover more dark secrets about the ship, including bullet holes in the pool, and a skeleton hanging by a noose in a wardrobe. Maureen Epps meets a young girl named Katie — who was seen at the beginning of the movie dancing with the Captain — who reveals a dark secret: the crew turned on the passengers and each other in an attempt to get the gold that the ship carried. It is revealed that the skeleton hanging from the noose is Katie, who was on her way to New York to be with her parents.