Panerai Brings the Navy SEALs Submersible Into Steel With the PAM01738

Panerai has given its Navy SEALs Submersible concept a more approachable second act.

The new PAM01738 keeps the dark, tactical character of the earlier hafnium Afniotech Experience edition, but shifts the formula into stainless steel, trims the case size and simplifies the movement.

The result is still a large, purpose-built Panerai dive watch, just one that feels much closer to daily wear than a 47mm specialist piece.

At a glance

A steel case that makes the concept more wearable

The most important change is the case.

Panerai has moved from hafnium to stainless steel and reduced the diameter from 47mm to 44mm, which is still assertive on the wrist but far less extreme by Submersible standards.

That material swap matters more than it might first appear.

Hafnium is a notably dense metal, so stainless steel becomes the lighter and more practical option here, especially for a watch designed around hard-use diving cues.

The PAM01738 does give up some water resistance compared with the more exotic version, but the figure remains a serious 500 metres.

For context, that’s still well beyond recreational dive requirements and firmly in professional dive watch territory.

The steel screw-in caseback has been reinforced to help achieve that rating, giving the watch a sense of functional credibility rather than mere military styling.

The Navy SEALs dial keeps its dark tactical character

The dial carries over much of the visual language that made the earlier Navy SEALs Submersible stand apart.

Panerai uses a grainy anthracite surface with a dark grey to black fumé effect, giving the watch a shadowed, field-ready look without abandoning the brand’s familiar legibility.

Circular luminous hour markers sit around the dial, while partially skeletonised sword hands use lume at their tips.

Small seconds appear at 9 o’clock, marked by an orange-tipped hand that adds a precise hit of contrast against the otherwise restrained palette.

A date window sits at 3 o’clock, keeping the display practical without crowding it.

The key functional difference is the absence of a GMT hand, as this reference is a time-and-date watch rather than a dual-time model.

The matte black ceramic bezel also changes the visual balance.

It frames the dial with a more muted, instrument-like edge than a metallic bezel would, reinforcing the watch’s stealthier personality.

The P.980 movement shifts the focus to practical utility

Inside the PAM01738 is Panerai’s automatic P.980 calibre.

It runs at 28,800 vibrations per hour and offers a 72-hour power reserve, giving the watch enough autonomy to be set down for a long weekend without immediately needing attention.

The movement keeps the feature set deliberately straightforward with hours, minutes, small seconds and date.

That simpler specification is a major reason this steel model lands at a much lower price than the hafnium edition.

At £10,400, the PAM01738 is significantly less expensive than the £65,500 Afniotech Experience watch.

It also sits above the standard steel 44mm Submersible, which is priced at £8,900, with the increase bringing 500m water resistance, the Navy SEALs treatment, a ceramic bezel and the P.980 movement in place of the P.900.

Details & Specifications

The PAM01738 makes the Navy SEALs Submersible idea feel less like a rare experiment and more like a robust, wearable Panerai for collectors who want the military-inspired look with genuine dive-watch capability.