Realistically, a water wheel shouldn't work in an ocean at all. Water wheels rely on a force constantly pushing the wheel in a single direction to generate a constant source of power - i.e., a water current. This is why waterwheels are commonly used in rivers - the water current is constantly flowing in one direction.
In an ocean, there are all kinds of currents swirling and mixing and changing direction. It's at its absolute most unreliable around the coast (where one would expect to put a water wheel) because of waves. The current is constantly flowing back and forth very rapidly. So what happens to your wheel? It keeps changing direction. With 1400's technology, it's not possible to draw energy from a source like this (you can with modern technology, but that involves electrical capacitors).
To use an analogy, think of reeling in a fishing rod - the handle on the reel is the water wheel, while the circular motion of your hand is the water current pushing the water wheel. To successfully reel in the line, you need to keep rotating the handle in the same direction. Should you change direction, the reel unwinds, and you lose progress.
DF mechanics function on the same principle. Imagine a pump tied to your ocean waterwheel; which way does it spin? The answer is it directly correlates to the direction the water wheel is spinning, so if the water wheel is over an ocean tide, your pump is going to alternate between pushing and pulling liquid. Imagine the disastrous fun you can have with that!
In short, you've been done a favor by getting a water wheel that does nothing. If we were being realistic about it, you'd have some serioud problems on your hands.