By Jovan K
Panerai has been running the Navy SEALs collection since 2022, and the whole point of it, as far as I can tell, is to give the brand a legitimate reason to play up its military roots without it feeling like a costume. The new PAM01738 is the latest addition to that lineup, a non-limited production model that sits comfortably in the catalog as the more accessible option compared to the exotic hafnium-alloy limited edition that showed up at this year’s Watches and Wonders, which was a 35-piece run bundled with a three-day special operations experience in Florida.
The new PAM01738 comes in a 44mm matte brushed steel case, and features the signature crown-protecting lever, a black rubber-clad crown, a unidirectional rotating dive-timing bezel with a matte black ceramic insert, a domed sapphire crystal, and a solid screw-down caseback engraved with the American flag and Navy SEALs insignia. The headline upgrade here is the 500 meter water resistance, a significant bump from the standard 300 meters, achieved via a reinforced and thicker caseback. Panerai ensures real-world reliability by pressure-testing every single piece to 25% beyond its rated depth before it leaves the factory.
The dial features a textured, grey anthracite gradient surface, a familiar look for the Navy SEALs lineup, but with a few upgrades. The hour markers are now 20% wider than standard versions, and the hands are filled with Super-LumiNova X2. This significantly boosts low-light legibility, offering a noticeable, real-world advantage in dim conditions compared to a regular Submersible. Rounding out the dial is a deep-set rectangular date window at 3 o’clock featuring a black background with silver numerals, paired with a bull’s-eye-shaped small seconds indicator.
The watch is powered by the automatic Caliber P.980 (ValFleurier base), a 23-jewel movement running at 4Hz (28,800 vph) with a 3-day power reserve. It features a transverse balance bridge that provides crucial structural stability to the oscillator. While that’s not a detail you’ll notice during daily wear, it reflects that Panerai put genuine thought into the internals here, rather than just bolting on a spec-sheet upgrade.
Included with the watch are two straps, black rubber and grey canvas, featuring a convenient quick-release system integrated into the lower lugs. At $12,400, it carries a noticeable premium over a standard Submersible. You are essentially paying for the enhanced depth rating, the dial legibility upgrades, and the tactical co-branding. Fortunately, it arrives this July as a regular, ongoing catalog piece rather than a limited edition you’ll have to chase.
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