The first ending where the two women make it back to the boat is reality. Lisa, under tremendous emotional and physical stress (possibly brought on by the bends and a shark bite) then hallucinates being back on the bottom of the ocean alone.
The second ending is reality. Lisa, with her oxygen tank running low, hallucinates the initial escape with her sister. She is subsequently rescued (alone) by the Coast Guard.
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Reply by cpheonix
on December 4, 2017 at 8:01 PM
Not sure how no. 1 could be the "real" ending when chronologically the film clearly showed no. 2 happening and that it makes more sense.
If there was a bit more ambiguity to the ending e.g. hearing her sisters voice when she was about to reach the surface with the coastguards, then possibly. Otherwise it seems like it was pretty straightforward.
Reply by Norsk
on December 12, 2017 at 5:13 PM
Because chronologically she hallucinates that after being rescued.
Reply by jann
on January 15, 2018 at 6:23 PM
I'm sure it was 2 because that shark devoured her sister head first.
Reply by JRNZAUS49
on May 16, 2018 at 10:54 AM
Lisa was hallucinating reaching the boat with Kate. She was really still trapped in the cage. Her leg was still pinned down and she was out of air or nearly. Remember she was staring at the cut in her hand and Taylor's voice fades out to be replaced with static from the com system. I'm not so sure she was even really rescued by the underwater Coast Guard team. I strongly suggest Lisa drowned as soon as Kate was attacked by the shark. Even if she was in fact rescued initially from the cage I think she let herself drown while slowly rising to the surface.
Reply by tmdb44054871
on April 6, 2020 at 12:54 PM
Yeah. Also if you notice when the Coastguard rescue team begin to descend the sharks are nowhere in sight. They were swarming earlier when Lisa and Kate were making their way to the surface using the flares as both a lighting source and protection. Kate was killed straight away when the shark attacked her and Lisa's leg was crushed beyond repair by the weight of the cage. She drowned from lack of oxygen as soon as her sister was killed. Or at least that is how I would interpret the ending.