The movie doesn't take place in or around Loch Ness. It takes place in the North Atlantic somewhere. There is a distinct lack of terror or anything at all happening for much of the movie. The monster shows up now and then to eat someone. The acting is really quite bad even for a low budget horror movie. Almost the entire movie takes place on what I think is a cargo ship of some sort. It looks like a very old ship that was turned into a museum. They make sure you never see the side of the ship so it's probably at dock somewhere. There's also a very cheap submarine set. Asylum-grade monster movies love a cheap submarine set. I guess the CGI for the monster isn't terrible for the little screen time it gets. The movie also come with a small side of Alien for some reason.
This is just not very good. I have seen worse but this is just very mediocre and kind of boring for most of it.