Underwater isn't above ground or direct burial??
Underwater is a wet location in regard to wiring methods. If you are talking about enclosures, you get into the NEMA rating, typically NEMA 6 for underwater.
The two places you see this the most, wiring for boat lifts and the wet niche pool light.
I see no reason why you couldn't use sealtite underwater, although not for that pool light. (not one of the specified wiring methods in 680.23(B)(2))
In fact it is one of the wiring methods in 553.7 and 682.13. 555.13(A)(1) says any chapter 3 wet location wiring method.
The NEC does not differentiate between a pond or the ocean.