Michael Goi, the cinematographer and director for "American Horror Story" and "Salem", will helm the feature, according to The Hollywood Reporter.
The film, from Tucker Tooley Entertainment and Entertainment One, follows a struggling family that buys an old ship at auction with the high hopes of starting a charter business, only to discover its horrifying secrets on the isolated open waters.
Oldman is playing the father who captains the doomed boat, while Teague will be the boat's second-in-command.
Anthony Jaswinski penned the script for the project, which is scheduled to begin production later this month in Alabama.
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