Looks like science may have created a new way to help keep people alive without air, and the application for Commercial Diving is obvious. Imaging having an emergency syringe that you can inject yourself with if you run out of air to keep your body functioning for a few extra (and potentially life saving) minutes.
Scientists have created exactly that and have already successfully tested it on animals under critical lung failure. The solution is a liquid that contains oxygen filled fat particles that can carry up to 4 times as much oxygen as our red blood cells and can be quickly squeeze through capillaries.
You can read more about the details in this Gizmodo article: http://gizmodo.com/5921868/scientists-invent-particles-that-will-let-you-live-without-breathing