That's a nice application for brushless motors with variable-frequency AC drive. The motor is so simple - it's just windings and the propeller ring. No seals, no gears, and no bearings that carry heavy loads. All of those things give trouble underwater. The drive electronics is more complex, but drives for variable-frequency AC motors are well-debugged now. Every drone has several of them, and electric cars have big ones.
Some pictures of existing units: [1] They're mostly used as steerable thrusters for boats that need to be highly maneuverable, such as ferries. They're becoming very popular for ROVs, because they're much lower maintenance than existing thrusters used at depth.
[1] https://www.youtube.com/watch?v=Te_xejpriFM