This piece is by illustrator Courtney Billadeau. I recently came across her work, and I really like the amount of energy she puts into each piece. As an artist, she's quite versatile and dabbles in a variety of mediums.
I think what drew me to this piece first was the movement. The sea in this piece is very violent, rushing in, tossing things around. The man, however does not seem to be drowning, or even aware of what is happening to him. In fact, he is asleep, and probably tossing and turning fitfully. There are life preservers in the water, but they do not seem to be tied to anything, and are out of the man's reach anyway. In dreams, it is often assumed that water is a metaphor for the dreamer's emotional state.
I like the overall style of this piece: the lack of outlines, the muted palette, the selective use of red, the way the man clutches the sea like a blanket.