I did a little Toon Ocean experiment in Blender, and was impressed how easy this was to set up. This is an Ocean Modifier applied to a plane, then animated over the course of 250 frames. We then take a grid, apply a shrinkwrap modifier to it and make it follow the animated ocean. This makes the grid distort and bend. Now we can dedicate several vertices on a floating object and add two constraints to that the object follows the grid (as therefore the ocean), with the vertices specified. It's genius! This is much harder to setup in Unreal Engine.
To get the toon look I used Komikaze materials. Enjoy! And thanks, Blender :-)