The puppet used for the captain in the icy water, or the head at least, appears to be the same head that was used for Jack in The Nightmare Before Christmas (1993).
This film took twelve years to reach the screen. Roald Dahl himself was convinced that the property would never make a viable film.
When Centipede opens the door to the Pirate Captain's quarters, he exclaims, "A Skellington?" The puppet head that was used for the captain is actually the same as Jack Skellington from The Nightmare Before Christmas (1993). When centipede discovers the compass he says 'Jackpot'
According to the newspapers at the end, the movie takes place in 1949.