Unable to find life in Ocean Biomes

I started a survival world and journeyed over to an ocean biome! This is was dandy until I realized that the only life forms in this ocean were squids and the invisible fish that you can catch with the rod. What's the deal? My Minecraft must be bugged as the Devs of Minecraft surely have added the Ocean Update by now. Maybe I am incorrect however I don't believe I am.

What I expected to happen was that the Ocean Biome would be lush with life and interesting blocks!

What actually happened was a complete lack of like apart from the occasional squid spawn!

Steps to Reproduce:
1. Create a survival or creative world.
2. Find an Ocean Biome
3. Cry
4. Add more ocean content