Evil Below, The (1989)

A down-on-his-luck sea captain (Wayne Crawford) goes treasure hunting for a wrecked Spanish galleon that is rumored to be cursed by God and protected by supernatural forces. Also stars June Chadwick and Sheri Able.

This was one of several low budget films that was released in 1989 to cash in on the then popular, big budgeted James Cameron film titled The Abyss, which was also released the same year.