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Underwater welding is quite safe now with the advancement in technology. Welders enter decompression chambers to undo the effects of deep sea diving and nitrogen which enters the blood stream. Underwater welders do not die everyday, roughly 10 per year are killed in accidents. To actually answer your question also, underwater welders are usually private contractors hired to fix ships and can be away for long periods of time in other countries/regions, because they work for themselves they can set their own pay rates and since there is such high demand the company or customer usually doesn't have a choice but to pay what you want. But the average yearly salary for underwater welders can rage anywhere from $90,000 - $200,000 depending on area of work and how dangerous the job is.

Hourly, underwater welders' pay ranges from $15.00 per hour to $98.00 per hour depending upon the job being done.

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