Is that because the O rings are made of silicone?
For an O ring made of silicone what's the right grease?
The topic of this thread seems to come up every few months here on ScubaBoard.
The manufacturers of UW camera housings tend to use different materials for their o-rings. O-rings can be made of silicone, fluorosilicone, nitrile, neoprene, etc. There is no standard.
If one uses a grease that is incompatible with a particular o-ring, it can cause the o-ring to swell/stretch and will prevent the o-ring from sealing like it should. The result is a housing leak and possibly destruction of your digital camera.
AFAIK, a generic, food-grade silicone grease (such as the one sold by Trident in scuba shops) is incompatible with a silicone o-ring, like the o-rings provided with Olympus UW housings. I have heard several reports of people using the Trident lube with the Olympus o-ring. Within a few dives, the o-ring swells up, stretches out significantly, and causes a housing flood. Not good.
So what do we do about this?
The safest approach is to use whatever lube the manufacturer says to (or don't use any lube at all if that's what is specifed). Buy a few spare tubes of the stuff and keep them in handy locations (save-a-dive kit, camera bag, dive bag, dive closet, etc.). While you're at it, buy a replacement o-ring, too.
Another option is to take a new housing o-ring (made by the maker of the housing) to your favorite local o-ring supplier and purchase a replacement o-ring identical in thickness, length, shape, and durometer but with a known material composition. Then you can determine what the best lube to use is, and you won't be tied to purchasing the housing manufacturer's expensive stuff.
Personally, I have found that Tribolube 71 (an oxygen-compatible grease that I use on my regs) will work with my Canon UW housing o-rings. I've heard that Tribolube 71 can also be used on Ikelite o-rings. I'm not sure whether Tribolube 71 is safe to use on other camera housing o-rings.
Based on people's negative experiences with the Trident food-based silicone grease with Olympus o-rings, I wouldn't attempt to use it with my Canon o-rings.
Hope this info helps...