Okay, for any wondering why the hell this ******* has no drops, it's because he's involved in a quest. (Sick, huhn?) It takes at least one good 65+ DD and a 65+ whm healing them at minimum to kill him. A 75 DRK and 68 whm healing him took 5 minutes to drop him, he's another true BNM (badass NM).
The quest he is involved in deals with Enishi asking you to help get Rafid's memory back in Norg. Like the BRD quest it is not logged until you actually go drop the Sea Horror. Not sure how it flags you for completion, but a JP friend of mine says once you've seen it die the scene will cut at Rafid and get your reward. (But he didn't know what the reward was)