Universal Pictures long-in-development comicbook adaptation SUB-MARINER  has found new life with Jonathan Mostow. Helmer has boarded the Marvel Studios pic to rewrite and direct, reports Variety.

Mostow has cleared his schedule to make SUB-MARINER his next pic. The property -- created by cartoonist Bill Everett in April 1939, making the superhero character one of the oldest -- centers on a young man who discovers he's actually a descendant from the long-lost kingdom of Atlantis. He turns out to be the key man in a brewing war between the underwater world and our own.

Along with the Human Torch and Captain America, Sub-Mariner was part of the "big three" Timely Comics characters. He was also part of Marvel's first attempt at television animation in 1966.

Project previously looked like it would go with Chris Columbus at the helm and his 1492 Prods. producing. His involvement was announced in late 2004 but that package fell apart.

Mostow's past credits include "Terminator 3: Rise of the Machines," "U-571" and "Breakdown."