This will work with its regular lens in up to 50 Ft of water. Which is good for snorkeling or if your external housing leaks. However, I think its too easy to drop below 50 ft when diving to risk taking.
For depths up to 200 ft there are several housings available from both Olympus and 3rd parties. These housings also include adapters for add on lenses and filters. This camera also has 3 preset under water white balance modes that will make an electronic color adjustment similar to that of an external filter