I sense immediate High Impact Sexual Violence.

Well, the guy doesn't seem to be panicking or in a hurry to save her.

Seems he also wants to know where this is heading.

"It was stop her having a bit of fun or get eaten sooner by a kraken, and, well, I didn't want to stop her enjoying herself, did I?" Justified.

You're all seeing it the wrong way: The octopus is obviously holding Totori down so she will not interrupt it from stripping Sterk.