Director Paul Schrader is teaming up with author Bret Easton Ellis for the shark-infested psychological horror project Bait.

Paul Schrader will direct the project, and will collaborate with Bret Easton Ellis on the latest draft of the script, which centers on a young man itching to take his revenge against the wealthy.

The man, who works at a posh beach club, angles his way on to a yacht filled with the obnoxious elite, commandeering it into waters filled with the finned man-eaters.

The producers are aiming for a November start in Puerto Rico, with casting beginning immediately.