I am starting an Underwater ROV team with my school next year. We already have a functioning ROV from 2 years ago, but now need to include a gripper arm to pick up objects. I have done some research and have found this to be the most affordable and practical solution.
I was going to purchase this gripper that has wrist control:
Now that you mentioned waterproof servos and electronics/cables, maybe also you should pay attention to make gearboxes, if there are any on this gripper, waterproof (placing gasket, etc.)