Forty-year-old Dutchman Martin Voordouw failed to surface from the dive on Tuesday near Cava island.
The skipper of the dive boat, Jean Elaine, sent out an emergency call, and a search was launched by Longhope and Stromness Lifeboats and by an RAF helicopter.
A second diver, thought to have been Voordouw's dive buddy, was also reported missing initially but was found and recovered by a lifeboat, suffering from shock.
Searches for the missing diver continued yesterday but, as dusk fell, it was announced that he remained lost and was presumed to have died.
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