Salvage divers Popeye and Bluto team up to recover a treasure from a shipwreck on the ocean floor. Though they'd agreed to share the profits "50-50", Bluto is determined to claim the entire treasure for himself, so naturally he plays as dirty as possible. But despite such additional obstacles as sharks, giant oysters and "bara-coodies", Popeye emerges the winner of this race for the gold. The cartoon's best gags include Popeye's form-fitting diving helmet, complete with windshield. The background music includes the old reliable "Stars and Stripes Forever" during the climactic underwater fistfight.
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