This is getting pretty close to hijacking this thread, maybe we should have a "water knife" thread...
However, like fooman said, the original Benchmade 100H2O is probably still my fave.
And i've had a few water knives... From the Schrade water rat to the CKRT ABC, all the Gerber products, (The Moray, fooman? Showing your age?), all the UK knives, the Tekna(showing my age).
And that's without looking...
Malposa, one thought might be the CKRT ABC knife. With either the orange or yellow handles it looks more like safety equipment than something to be taken away. Change to the black scales at will. The sheath is a friction fit and is infinately adjustable and easy to mount but it is large. If you go this route, and once you have a ideal set up, a drop of blue (low strength) loctite on the chicago bolts wouldn't go amiss.
This topic reminds me of someone recent posting about buying the knife for the sheath. There are so many great knives out there that become next to unusable due to poor sheath design. Having aid that, Doug was bang on when he said that sheaths are costly, design intensive and you aren't going to make everybody happy no matter what.
Apologies to OP for running away with this..
jenks