Lee Stanhope, 36, from Yaxley in Cambridgeshire, was pulled from the water at Gildenburgh Water, Whittlesey.
He is reported to have been buddied with two other divers when contact was lost. His companions raised the alarm and, according to Gildenburgh head Peter Forster, the casualty was brought ashore just over a quarter of an hour later.
Attempts at resuscitation were followed by transfer to Peterborough District Hospital, but Stanhope did not survive. Police confirmed that the incident is being investigated, and that the HSE has been informed.
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