Arclight Films, the production company behind Deep Water, said pre-production had been halted for the time being.
Managing director Gary Hamilton said: "We're delaying it out of respect for what's going on."
An international search effort is scouring a remote stretch of the southern Indian Ocean for a Malaysia Airlines jet that disappeared on March 8. Mr Hamilton said it was a "pretty tragic event".
According to the company's website, the film is about a flight from Sydney to Beijing that goes down in the ocean, leaving surviving passengers and crew to fight off sharks and other dangers.