This video game adaptation of Jaws appears to be based on Jaws: The Revenge, with some elements from the first Jaws movie. The game has you hunting down the shark as with the second half of Jaws, but it also appears to be set in the Caribbean like with Jaws: The Revenge. Unlike Jaws: The Revenge, you cannot survive being chomped on and dragged underwater by the shark.
SpaceColonizer opts to not die in this run to save time, which would have skipped a bonus stage as he collects shells to power up. The good thing is that by completing the bonus stage perfectly, enough points can be gained quickly enough to get the mini-sub, which can kill the shark more quickly.