Step 1

First, create a new document with the following settings. The size (width and height) can be variable, but make sure you keep the resolution at 72 in order for all the filter effects and transformations to work properly.

Step 2

Reset your Foreground/Background Swatches as shown below:

     

Set the Foreground Color

          R = 5; G = 70; B = 115

Set the Background Color

          R = 195; G = 222; B = 240

Filter -> Render -> Clouds

Filter -> Render -> Difference Clouds (x2)

Image -> Adjustments -> Levels

          Input Levels = 24, 1.00, 232

Filter -> Distort -> Polar Coordinates

          Options = Polar to Rectangular

Layer -> New -> Layer via Copy

          Set the Blending Mode of this new layer to "Overlay"

Layer -> Merge Down

Layer -> New -> Layer via Copy

          Set the Blending Mode of this new layer to "Multiply"

Layer -> Merge Down

And here is the final result: