I am still having an issue with this, which does not happen when I remove my ENB settings completely, but I was running them flawlessly prior to the latest bug update... I mean patches. Why would it work prior to the update and not after.
@Deaths_soul, you mention it is commonly reported. Is there anything official or mor comprihensive you have found that you could link to?
It just seems bogus that my GF with the same video card, same mods, same settings and same games has no water issues on her PC, but I do. And the suggestion of no using ENB is not suffecient as I find Vanilla lighting unplayible. I have updated drivers, that has not resolved anything.
It has been reported several times in the PC and beta forums that 1.5.24 causes problems with underwater visibility for anyone using ENB or Depth of Field mods. This is not a bug in the update. The 1.5 update changed how water transitions appear in the game, so it's natural that any mods that render this will need to be updated to be compatible. It is the responsibility of the mod author to keep their mod up to date with the game - not the other way around.
The primary reason that you may need to update your video drivers as well as make sure you're not using outdated versions of these mods is that BGS developed and tested 1.5 with the latest video drivers available. In the case of shadows on grass, for example, updating to the latest video drivers solved the problems many people were having with the shadows not rendering correctly.