I prefer UW as you designed. Can you also create a black version with a shade ( in grey ) like you did in the Blue ? I like the blue better but I need to be able to show this on a Blue background as well.
I haven't decided yet if I prefer black or Blue so you can keep both versions for now.
I am missing a bit of Photography touch to this, It looks a bit like a diving gear company , but I love the Divers logo so leave it where it is. Maybe you can use the "O" in Mozaik to create some sort of camera lens or something photography related ?