Accidentally came across this game in "warez". Hasn't been released in the US or EU, but it has been released in Russia. It looks quite epic, especially as it is the first game to utilise Nvidia Physx real-time water physics and to be quite honest, I've never seen anything like it.
Take a look at the tech demo of the Phsyx engine.
http://www.youtube.com/watch?v=7Yy-eYIpb7Q&fmt=22
Not linking directly because it's HD.
I am looking forward to this game, it looks both atmospheric and fun to play. Like Dead Space but at sea. Looks really good from what I can tell.