I hate this sucker. What you need to do is locate the respawining SMG in the middle of the ship. The tentacles will slam down, so you must keep moving. Occasionally, a tentacle will slam into the ship's deck, and be glowing orange - shoot it, rinse and repeat for all 6 tentacles, and stage one is done.
Stage two has smaller tentacles that you must shoot ONE AT A TIME as that will draw up a larger tentacle with a mine in it - shoot the mine. Repeat for all 6 tentacles, and the thing is dead.
During your attempts to kill the beast, there will be spawning space marine enemies. Dispatch them quickly, because the distraction they cause will usually put you in the path of a tentacle (which usually kills you)