A developer's LinkedIn profile indicates that Wet 2 has been cancelled.
According to the LinkedIn profile of a former Behaviour Interactive employee, Wet 2 has been cancelled. The title was casually announced by Behaviour boss Rémi Racine late last year, but the game is now listed as a past project on the resumes of multiple current and former Behavior employees. Many members of the Wet 2 development team also left Behaviour to join other nearby studios between March and April 2011.
Wet 2 was supposed to be the sequel to the 2009 Bethesda-published original, but Wet was not particularly well received so Behaviour might not have been able to justify the follow-up.