The film already has Chris Hemsworth attached to star as a first mate aboard the Essex, the doomed ship whose encounter with a whale inspired Herman Melville’s Moby Dick.
...says THIS piece, which goes on to say there is...even now...misgiving about large-scale projects on the sea, indicating that Universal executives still evoke 1995's WATERWORLD (apparently calling it "FISHTAR"). Thus, the article speculates Warners may seek the partnership of a second studio. You know...to spread the risk.
As funny is it is that Uni execs are still hammering WATERWORLD, concern about mounting water-based projects are not unfounded. James Cameron's TITANIC and THE ABYSS were both famously challenging and costly water-based undertakings. The sea, and water in general, can be an exceptionally harsh mistresses. It'll be interesting to see how, or if, this project ultimately pushed forward.