The new movie will be set in Southeast Asia and uncover the fate of the surfers' leader Bodhi (played in the original by Patrick Swayze) who was supposedly (spoiler alert) killed by a giant wave at the end of the first film. The sequel will not feature the return of FBI Special Agent John 'Johnny' Utah (who was played by Keanu Reeves in the original), but will instead follow a surfer-turned-SEAL who is on the trail of "a criminal gang." They hope to cast "a young male action star at the same stage in his career as Keanu (Reeves) was."
Filming will begin in late 2007 for a late 2008 release. Locations are being scouted in Indonesia and Singapore. The sequel is budgeted at between $20-30 million.
Variety adds, "RGM's CEO Devesh Chetty said casting will include English-language and Asian male leads and Asian female love interest."