Morag is an oceanic planet. It is home to the Orb. The sea lowers every 300 years.
Morag is the place where the Orb is located, Peter Quill aka Star-Lord goes in search of the artifact but in that place finds Korath, the right hand of Ronan.
After talking with Korath, Peter escapes with the Orb leaving Korath empty handed. Shortly after Peter has left Morag, Yondu arrives with the other Ravagers where he learns that Peter betrays him, then he offers a reward for Peter.