I think making this waterproof against salt water immersion would be difficult, but possible.
Cost might be high.
The unit might only have to tolerate complete immersion ONCE to pay for itself.
There would be an issue of protecting the unit for its lifetime in the harsh marine environment, where it might get splashed on occasionally. The marine version of some shotguns are made of stainless steel to reduce corrosion.
I'm such a poor swimmer that I wouldn't find myself in the position of being alone at sea in a 36 foot boat. It's a stretch for me to be accompanied by 3000 passengers and crew on a thousand foot cruise liner.
I'd make it so it's failsafe. Transmit every 10 seconds. If the signal isn't received the motors shut down.