Emily Watson, Ben Chaplin and Alex Etel (Millions) are jumping on The Water Horse, the Jay Russell-directed co-production based on the Dick King Smith novel.

Shooting starts in early May in Scotland and New Zealand, says Variety.

The picture tells the story of a lonely boy in Scotland (Etel) who finds a mysterious egg on the shore of a lake. When the egg hatches, what emerges is a "water horse," a mythical sea monster of Scottish legend.

The Ecosse Films production is being produced by Robert Bernstein, Douglas Rae, Barrie Osborne and Charlie Lyons.

Special effects for The Water Horse will be done by Weta Digital and Weta Workshop. Shingles most recently were responsible for visuals in Peter Jackson's King Kong. Walden and Weta also teamed on the holiday hit The Chronicles of Narnia: The Lion, The Witch and The Wardrobe.

The Water Horse: Legend of the Deep was released December 25th, 2007 and stars Bruce Allpress, Geraldine Brophy, Eddie Campbell, Ben Chaplin, Peter Corrigan, Brian Cox, Carl Dixon, Alex Etel. The film is directed by Jay Russell.