In reply to owlart:
Hmm, thinking out loud:
The magnetic needle will not have been affected, but the water may make the pin/needle corrode/rust that might make it sticky and not free to rotate - that could cause a problem.
But having said that, I assume that most compasses are fairly water-tight (would be a useless compass after one rain shower otherwise), so perhaps not a problem at all.
Anyone - Is there a BS standard that these are made to, and if so what water pressures these might be tested to?
Owlart - sorry not to directly answer your question with a yes/no