In the 1968 original film, Frank Beardsley (portrayed by 'Henry Fonda (I)') was an active duty US Navy Chief Warrant Officer (a rank between commissioned officers and non-commissioned officers, usually granted to expert technical specialists with extensive experience), while in this remake, Frank Beardsley is a retired US Coast Guard Admiral.
This was the first film to be co-produced by Paramount and MGM. The original 1968 film was produced by Desliu Productions, which merged with Paramount the year before, so the film's copyright was renewed by Paramount. However, United Artists (owned by MGM since 1981) has retained full distribution rights to the 1968 film to this day (UA once owned the rights to Paramount's "Popeye" cartoons, and a few early Paramount sound features that had been sold to Warner Bros. for remakes). Columbia (which collaborated with Paramount on another 2005 remake, "The Longest Yard") became involved once its parent company, Sony, purchased a stake in MGM.