It depends on the tide whether the ship is in the water or on "land".
All those unofficial set photographs from last year either showed the dropship prop high-and-dry or in shallow water but still in the same spot.
Milford Sound is lovely but it all just looks like Milford Sound, not an alien planet. It's one of the worlds leading tourist destinations and easily recognizable. I was hoping they'd digitally extend the background and amp everything up a bit. Taller mountains, taller waterfalls etc. Like they did with the Wadi Rum scenery in Prometheus, such as adding the tall snow covered mountains behind the desert scenery.
Now this may simply just be a behind-the-scenes photograph, maybe they will still change things up a bit in post. Although the scenery in the trailer wasn't really altered as far as I could see.
EDIT
Actually nevermind, this is not a bts shot. The dropship prop has the CG extensions added so what we see here is probably what we'll see in the final film.