At a carnival, Bugs Bunny, Porky Pig, and Petunia Pig take a ride on a hot-air balloon. Bugs tosses away the sandbags and cuts the rope rooting the balloon close to the ground, causing them to fly away. They eventually crash on an iceberg, where they discover a ship with a treasure chest inside. Porky runs up on deck and finds what appears to be a rescue ship. Bugs calls for the ship to no avail. Porky and Petunia slip and slide on the iceberg, and Porky eventually trips over a block of dynamite. Bugs realizes that the ship is, in fact, an ice patrol ship that is about to blow up the iceberg. Just then, the captain of the ship spots the trio and shoots a line with a basket from across. The three climb into the basket and slide to the patrol ship as the iceberg explodes.