Previously on Berserk, with the help of the Merrows, Gutts defeated the Sea God by piercing its heart. However, as everyone was joyous in their victory they soon realized that Gutts had failed to surface.
The chapter begins with Shierke concerned, and everyone else, well, not so much. Apparently sinking is a full suit of armor while trapped inside of deflated monster is not so much of an issue in the Berserk Universe, never mind that Gutts can barely move as is. Of course, there is a full army of Merrows in the water, but they cannot sense Gutts with the conversation (and urgency of the situation) being sidetracked as Isma introduces her mother and she gives them heartfelt thanks for aiding their fight.
As they move the ship closer to cut into the Sea God's floppy remains, the focus switches to Gutts who is trying is to get his body to move. As he tries to cut himself out, blood begins to fill the chamber he is in and thoughts of dying in such a place fill his mind.
Suddenly, the Moonlight Boy appears and begins to guide him up and out. Switching back to all those other people outside, the Captain and some of the crew enter the Sea God's mouth to search for Gutts, Shierke tries to use her telepathy, but it cannot reach him, and the Merrows are trying to find where Gutts is inside the Sea God using sound waves. Yet, the whole body begins to sink and they are forced to pull back. Finally, after following the Moonlight Boy, Gutts hits sea water and is pulled up by Merrows.
The chapter ends with the black-haired child (AKA Moonlight Boy in not Moonlight Form) staring intently at Gutts as he is hauled to the boat.
You can read this chapter online here.