Baywatch Nights - Season 2 Episode 3 -

It was the wrong day for a picnic! Mitch and Ryan head for the oil rig abandoned after a strange accident and spot a drifting yacht. Searching it they find a terrified young woman who says her host was pulled off the yacht by a weird sea monster. They have to abandon the yacht and use a rubber life raft to reach the oil rig where the gelatinous green stuff catches them.