Good news and bad news. There is an underwater GPS available (actually a mod to a magellen). The bad news is to use it you need to deploy a beacon to the surface to get a satellite fix. Radio waves from the satellites don't translate underwater well. I believe you can also get a fix from the boat (or shore) then moniter your course as you travel underwater.
Complete info can be found at:
http://www.underwatergps.com
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