Bugs tries to get Yosemite to let him come along on a voyage, but Sam forcibly declines. Once about his pirate ship, Sam encounters his Cousin Shiftless, who is even a bigger pet than Bugs. Sam finds Bugs and signs a contract to allow Bugs to be a pest while on board -- all a ruse to keep Shiftless occupied and out of Sam's hair. Needless to say, the plan backfires.; Yosemite Sam is bankrupt and can't pay his rent. He can't pirate and no one will hire him and he won't agree to wear any clothing not sea related. A couple of smugglers overhear his plight and tell him he can wear a sailor outfit and they will hire him and Bugs as part of their "maritime research" project, which is really a scheme to foil the Coast Guard. Sam agrees and he and Bugs go out to sea with the smugglers. Bugs gets suspicious and ultimately ends up foiling the smugglers and bringing Sam out of bankruptcy.; Yosemite Sam decides to back into the pirating business. He needs a first mate and convinces Bugs to come aboard. Once aboard, Bugs finds out that Sam is going back into pirating. After a failed attempt to board a modern cruise ship, Sam puts his sights on looting the treasure off an island. The natives offer him the worthless pearls that abound in their bay for $1 each, but they are really pulling a fast one on Sam.