Jacky Faber, rich from her exploits diving for Spanish gold, has purchased the Lorelei Lee to carry passengers across the Atlantic. Believing she has been absolved of past sins against the Crown, Jacky docks in London to take on her crew, but is instead arrested and sentenced to life in the newly formed penal colony in Australia. To add insult to injury, the Lorelei Lee is confiscated to carry female convicts to populate New South Wales. Not one to give in to self-pity, Jacky rallies her sisters to better their position - resulting in wild escapades, brushes with danger, and much hilarity.