It is based on the story of the Mary Celeste, a sailing ship that was found adrift and deserted in the Atlantic Ocean in 1872, and is an imagined explanation of the disappearance of the crew and passengers.

[3] The version released in the United States, under the title Phantom Ship, is about eighteen minutes shorter than the original.

It omits the original opening and closing sequences set in a maritime courtroom, which detail an investigation into what happened.

Briggs also recruits other men, including Anton Lorenzen, who is a sailor who has suffered a lot and is about to have a mental breakdown.

Bilson shoots Katz and then celebrates with Lorenzen on becoming the new captain of the ship, and makes plans for the future.

A final scene shows Morehead handing money to his man Grot, commenting "I am thinking of Briggs and her, dead!"