Please download the following image



Create a new document with the following image size : 760x770 pixel
Please use a white background

Open also the image from above , and place it on the document.



Select Eyedropper tool and select the color we will use for our background



Create a new layer ( press CTRL+Shift+alt+N ) ,then with Brush tool, fill the bottom part of the layout. This is my result



With Rectangular marquee tool make a selection like mine



Then set the foreground color to : #71c0c5 and the background layer to : #ffffff



Create a new layer ( press CTRL+SHIFT+ALT+N )

After that go to Filter > render > clouds
you will have a similar result like mine



Press on CTRL+D to hide the selection then change the blending mode for this layer to Darken



Select Eraser Tool, and with a smooth round brush delete some parts from this layer. delete the parts above the water.



NOTE : You can use the following set of Free Clouds Brushes

Now we need to create some boxes where we will place some text. With rounded rectangle tool , create some shape like in the following image.



For all this layers add the following layer styles







This is my result



Create another layer ( above all layers )
and with brush tool create some random lines



Then change the opacity to 10-20 %



The result :



Now it is time for you to add some details. You can download a set of nice bubbles brushes from Free Photoshop Brushes or you can add some other details like fishes, birds, divers from your stock collection.

Now please download the following image



Open this bubble image in Photoshop, then go to Edit > define brushes
Click Ok

Now select Brush Tool, and set the brush settings as follows







On a new layer ( press CTRL+SHIFT+N+ALT ) create some bubbles with brush tool



For a realistic effect you can change the opacity value to 20 - 30 %

An if you have another brushes with fishes , you can add on your layout



Now it is time to add some text, and we are ready