The Diving Helmet is an armor piece for the helmet slot. It has a 2*1/50 (2%) chance of being dropped by Sharks and Orcas. When equipped, it causes the breath meter to deplete much slower and slows the rate at which drowning damage is taken.
Like all diving equipment, the Diving Helmet prolongs the underwater breath to 1minute and 33.33seconds or, while holding the Breathing Reed, to 3minutes and 6.67seconds. In addition, the rate at which health is lost while drowning is reduced to 1/4 or 1/8, respectively. While it is possible to equip multiple pieces of diving equipment, doing so does not cause them to stack.
Sharks spawned from the Shark Statue may drop the Diving Helmet.
The Diving Helmet is the only piece of armor that can be used to craft something other than a piece of armor (as the Empty Buckets need to be filled in order to be used to craft Sinks).