This mission's time is based on how fast you eliminate the first wave of fighters. The mission will end after 5 minutes. It's possible to do absolutely nothing afterwards and win if the fighters aren't constantly attacking.

As the mission begins, immediately turn left and manual target the Dianoga, then shoot down the Dagger, then Morning Star and fire the torpedo as soon as your cross hair is red while doing this. If the Morning Star is flying straight at you, fire a torpedo.

(If your still facing same direction where you spawned) The daggers should spawn to your left, target one of them and use a torpedo and blast the others with lasers as fast as possible. Keep doing this for the next group. On the last one I recommend taking down 2 Daggers with torpedoes and the last with lasers.

Now this may sound crazy but I may discover some way to shave off 2 extra seconds, but I wasn't recording to look back what exactly happen. I killed off the first wave and paused to check the time showing 0:32, But I ended up with a 5:30. I tested a run to see if I could beat the level without doing anything after the first wave, but all I can guess what happen. As you don't do anything the game forces another wave to pile on the last one and will continue doing this after a certain amount of time. I killed a few enemies and trigger dialog when you get kills, and spawned another wave. That might of skipped dialog from the ship your escorting. I'll try doing some testing to see what may of caused it.