Buoyancy is tied to the "load primative" WAV1, WAV2, WAV3, WAV4 - you have to have one of these in your load cases to get buoyancy.
If you have no wave or current, and you want buoyancy, define an "Airy Wave", with a wave height of 0.1 ft, a period of say 20 seconds, and the correct water depth. This won't put any wave loads on the sytem, but you'll get buoyancy.
If you still get your "massive lateral" displacements, something else is wrong. What happens if you push (in the same direction) on the model with a 100 lb load?
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Regards,
Richard Ay - Consultant