By the great Bernard Krigstein, recolored by Marie Severin for B. Krigstein, vol. 2 (Fantagraphics). First published in Airboy, 8:4 (May 1951), in a story titled "Captain Splint's Hairy Helper," originally titled "Monster of the Seas."
Yes, the company replaced "Monster of the Seas" with the phrase "Captain Splint's Hairy Helper."
As for context, don't bother; the story is terrible. Just enjoy the high concept.