1994 French film, directed by Luc Besson. French title La Grande Bleu. US release is supposed to be a mockery of the original. Starring Rosanna Arquette, Jean-Marc Barr. Also stars Jean Reno, one of the reasons to watch the movie. This film has something of a cult status among scuba divers, although it is actually about skindiving. Beautiful Mediterranean scenery. Hypnotic sequence shot under polar icecap. Literally a movie that makes you hold your breath.

Interesting physiological fact:

The need to breathe is caused by accumulation of carbon dioxide in the blood, not by lack of oxygen. Skindivers make use of this fact and hyperventilate before a dive. However, lack of oxygen can lead to loss of consciousness, even before the need to breathe kicks in.