Thanks for the suggestion.I had a similar issue, different camera(EM-5 II) , the lens release button has a switch that activates to tell the camera a lens is attached and to try to talk to it, if this is faulty it will take a black frame, Olympus at North Ryde fixed my camera for around $100-200 range, it was like $15 for the part and a few hours labour, turnaround was fairly quick. It was not depth related though.
I played around with the lens release button and couldn't reproduce the issue on land. I asked about repairs, and at $150/hr labour, plus parts, it's hardly worth it. I've now purchased a second hand E-PL5 off eBay (second hand, but never used; still in original packaging) and will see how that goes.