Just to keep the discussion from about the O2 going way off of the rails:
The original information from the news report/interview was that:
"Sterbenz also said the medical equipment on board was faulty with dry rotted emergency oxygen masks on board. As for the tanks that attach to it, Sterbenz said the first was empty and an employee threw the other overboard."
"Poor young man kind of freaked out," said Sterbenz. "He said it's going to blow, and he threw the oxygen overboard."
DandyDon translated this into his post of:
"so the crew member tried the next one by just opening it, and when it starting expelling pure O2 - someone had the sense to tell him to throw it overboard before it'd explode."
I'm not certain why you do not want pure oxygen coming out of an oxygen bottle/cylinder. I expect that is what they are meant to contain.
nimoh speculates:
"If the valve was broken, and pure oxygen was coming out, there is an immediate explosion/fire hazard, and if the valve couldn't be closed, throwing it overboard may have been the best option."
From what I can see, we have not heard a reason why the second Oxygen cylinder was thrown overboard, we only have speculation.
If the diver was already dead, giving oxygen is like putting gas in a car with no engine, a fruitless effort. But there is no excuse for not having working O2 systems on board, which are useful in other situations.