Breathing Reed

The Breathing Reed is an item that can be found in water chests. When equipped, a reed will appear above your character, making him/her able to breathe when the reed is above the water instead of themselves. It also causes breath to decrease more slowly. The downside to using it is the fact that you need to keep it equipped, so you can't fight, dig or do anything else when using it. Keep in mind, if the end of the reed hits inside blocks rather than air, it does not recover your breathing meter. An easy way to obtain one of these is to check the Ocean on both sides of the map.