If you can lure it into a trap in the water it definitely helps. Then you won’t have to worry about the fire. I went overboard a little. Fought an ocean platform and hover skiff over from Genesis. Built doorways around the top inner part of the platform, then 2 walls down all the way around. Then cover the bottom inner part ceilings. The water is just deep enough to extinguish and not drown the animal. Used the skiff tractor beam and dropped it in the pen. It doesn’t even agro really when you shoot it from above.

USE THE LONGNECK RIFLE AND TRANQ DARTS. Chances are your crossbow will kill it before you knock it out. Made a backup save before trying to tame a level 54. Died with every crossbow I had. Definitely pump it full of narcotic when it’s out.