Luminor Submersible
With most design hints taken from the vintage Egiziano
, the Submersible is
the most heavily-built regular Panerai. The basic Luminor case gains a heavy,
milled unidirectional bezel. The hands are skeleton, as in the GMT.

The Submersible is an automatic watch, with small seconds at 9 and a date window at 3. It uses the OP III movement.
It
might seem that the Submersible is, after the Luminor Base
and Marina, the most stable design of the Panerai
range, however it should be noted that for D series production there were a
few subtle changes to the design in that the bezel is now marked with minute
indices between 12 and 3
, and ratchets at one minute rather than five minute
intervals. These design hints are probably taken from the 1000m
Submersible. Also for the D series the bezel on the steel model is brushed,
in contrast to the rest of the polished case.

The hatch marks present on later bezels are not painted in on the F
series PAM 170, which otherwise only differs from the 106 in its use of polishing
versus brushing on steel parts.
For the D series (2002) Panerai added a bracelet variant to the submersible line, the PAM 106. In common with all 44mm bracelet models, the bezel is steel and the case is titanium (instead of an all-steel construction). The bracelet is also the 44mm standard titanium steel mix.
Over the years, production numbers have been broken out differently, sometimes listing separate metals, sometimes listing the bracelet versus strap watches.