I've been using it above water (horizontal) and submerged (vertical) to disguise plumbing, above in my sump.
It tends to darken, and get soggy over time. The shot below after about 60 days (Matten filter pad to the right).
Below water at about 8 months,
And above water where the outflow spatters
Maybe a clear acrylic treatment on the Visible part would help.
One other thing I forgot to mention, on the dry pipe camouflage usage, bamboo tend to shrink when halved the more it dries , so gets too small to do the proper camo, here again maybe an clear acryllic treatment would have helped (inside and out)