In case of drowning victim, will not the blood O2 level be almost negligible. What will be the use of chest compressions without providing air. Exhaled air contains about 16% O2 which is good enough to provide Oxygen to the victim during rescue breaths. CCR can be good for cardiac patients but this being a divers forum and considering diving emergency (near drowning) 30:2 seems to be more appropriate. If you have a ambubag on boat or with your rescue kit, one rescuer can take control of respiration of the victim and the second rescuer can keep on providing chest compression till EMS personnel arrive. The chances of survical of the victim will be more.