It looks like the movie project has been shelved, as the original release date was 2013. It is listed as "in development" (and has been for 2 years). These things can have a stop & start quality to them, depending on how they are "pitched" and who signs on to do them. Supposedly, Peter Weir had signed on as Director, but he has pulled out of other films before.
For my money, give the project to Kathryn Bigelow. She did "Zero Dark Thirty", "The Hurt Locker" and "K-19: The Widowmaker". At least she goes for serious, tough subjects and tries to go all out for accuracy as much as possible. Instead of the usual generic submarine that we so often get in films (see U-571, as an example), she used a real Russian sub (K-77) and had it modified with fiberglass inserts and structures to look exactly like a Hotel class SSBN. If it has to be done by Hollywood, I prefer that it be Kathryn at the helm.