You can only use 1 of the (1)st and (2)nd effect of this card’s name per turn, and only once that turn.
(1) Target 1 monster in either GY; destroy 1 WATER monster its owner controls, and if you do, Special Summon that target to that player’s field in Defense Position.
(2) If this card is in your GY, except the turn it was sent there: You can banish it, then target 1 WATER monster in either GY; destroy 1 monster its owner controls, and if you do, Special Summon that target to that player’s field in Defense Position.