I have an Olympus SP350 and find it a fantastic camera above and below water.
It has full Manual Control if you want it including WB. It has also a great housing that allows you to use the hotshoe for External strobes.
Take alook
Cameras Underwater: Underwater housings for the Olympus SP-350 and SP-310 cameras: Olympus PT-030 and Ikelite.
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Olympus SP350 with PT-030, Epouqe ES150 DSa with Epouqe WA Lens
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