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From Bush' own lips on the WH site:

President's Statement on Advancing U.S. Interests in the World's Oceans

RSS Feed White House News

I am acting to advance U.S. interests in the world’s oceans in two important ways.

First, I urge the Senate to act favorably on U.S. accession to the United Nations Convention on the Law of the Sea during this session of Congress. Joining will serve the national security interests of the United States, including the maritime mobility of our armed forces worldwide. It will secure U.S. sovereign rights over extensive marine areas, including the valuable natural resources they contain. Accession will promote U.S. interests in the environmental health of the oceans. And it will give the United States a seat at the table when the rights that are vital to our interests are debated and interpreted.

[RightWhale]

Sounds like a good thing. The planet is about done with sovereignty claims. Now the rest of the solar system is sitting undeveloped as the planet was 200 years ago. The 1967 Treaty needs to be replaced by a legal regime.