The new Blue Lagoon film features Home and Away's Brenton Thwaites and Indiana Evans as teenagers who fall in love while stranded on a desert island.
Richards will play the mother of Evans's character, while original Blue Lagoon star Christopher Atkins will star as the teenager's high school teacher.
Matt Heller and Heather Rutman have written the script for Blue Lagoon: The Awakening, which is being produced by Sony Pictures Television.
Atkins and Brooke Shields's big-screen version of The Blue Lagoon caused a scandal in 1980 due to its portrayal of teenage sex.
Blue Lagoon: The Awakening airs June 16 at 8/7c on Lifetime.