In Banjo-Kazooie, he has crashed his ship, The Salty Hippo, and is upset because he has lost his treasure. He would like to get it back, but he doesn't know how to swim. As it turns out, his treasure is still onboard his ship, and when you bring him both pieces, he will reward you with a jiggy. If you have collected all 100 jiggies at the end of the game, he will ride a waveracer, presumably one he bought with his treasure.