Sas
Contributor
Though the exact meaning is, I believe, to slow down to 5 knots? It has meaning outside of diving, anyway, so it is ambiguous.
It means 'I have a diver down, keep well clear at slow speed' I think. However, it is more a warning to other boats that the dive boat lacks maneuverability and is a warning about collusion rather than to protect divers specifically I believe.