The male diver, aged 65 and from Notting Hill in London, was in a group of seven completing a late-morning dive on Thursday.
According to a Coastguard report, upon ascending from the 31m-deep Moidart wreck in Lyme Bay, the casualty got into difficulty when 2m from the surface.
His buddy stated that the casualty had plenty of air at this point, but had lost unconsciousness by the time he surfaced.
The casualty was taken aboard the group’s chartered boat, Blue Turtle, and given emergency treatment as a call was put out to Portland Coastguard.
Following deployment of the Lyme Regis RNLI Inshore Lifeboat and the Coastguard’s Portland helicopter, he was airlifted to Dorset County Hospital in Dorchester, where he was pronounced dead on arrival.
The death follows four others off Northumberland (two), West Scotland and South Devon since the Easter Bank Holiday weekend.
All five deaths have involved divers aged 55 to 67.
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Fourth death in three weeks