An American special agent embarks on a mission to recover vital material for the United States' defence, believed to be contained in the sunken ship Titanic. The ship is too deep for divers so it must be raised, in absolute secrecy. But the extreme rigours of the climate, deadly interference from a rival nation and the need to invent new technology hamper the mission.

Newspaper reporters Kermit, Fozzie and Gonzo pursue jewel thieves and are led to the home of a fashion designer whose gems are secretly being stolen.