TDW,
Pls have a look at the underwater view screenshot on
http://forums-de.ubi.com/eve/forums?...409#2981066409, discussed over in the German UBI Forum.
That seems far too bright for a situation when light conditions above water are far darker, sun going down and sky filled with darkish clouds. I don't think it can be so much brighter below water than above.
Maybe it's the integrated SteelViking: SV&Com Underwater Mod, possibly in combination with W_clear's Environment 5.0.
I'm sure this can be fixed.