You run over a walkway curving upwards across the loch, jumping a the highest point, trying to catch a ring. You need to run, as Nisab showed us when she tried to jump after stopping at the edge.
There are 3 rings up for grabs. One on its own, which is quite near, and two together, which are further away. Only Hanso in the final managed to grab them all. Failing to leap, or collect any rings, results in a lost life. You still get drenched in freezing water whatever.