The sharks used in this film were Caribbean Reef Sharks. The cast wore chain mesh under their diving suits for protection and though none of them was bitten by the sharks, Blanchard Ryan (Susan) was nipped by a barracuda on the first day of filming. In the movie, after Susan is bitten, her boyfriend says, "It was probably a barracuda seeing what you taste like."
This movie was financed by director Chris Kentis and his wife, producer Laura Lau, both avid scuba divers. The movie cost $130,000 to make. Lionsgate then purchased distribution rights of the film for $2.5 million after its screening at Sundance.
The school of jellyfish featured in the movie happened to show up on the day the crew planned to film that particular scene. Coincidentally, after that day, no jellyfish ever appeared on location for the whole duration of the shoot.
Blanchard Ryan is deeply afraid of sharks, and as a result, Daniel Travis had to enter the shark infested waters first each day to assure her they were not in danger.