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It seems that when I insert the script, altering the CRS values as well as the Layer name, I don't get any results and see no difference. I'm assuming user error. I am looking to get a shapefile of the polygon in yellow without the landmasses. I don't understand how this solution fixes this issue as it doesn't seem to create a new shapefile and I really can't see the desired goal of a hole in the polygon in the image you provided. If I'm missing something, could you please elaborate?