Yes it has a compass, but as far as I can tell from the manual you can't view it while in dive mode, only on land for use on a run/hike etc.
Here are the instructions for accessing the compass above water:
To use bearing navigation without exercising:
- Scroll to Map by swiping up or pressing the lower button from watch face.
- Press the lower button to open navigation options.
- Select Bearing navigation.
But in dive mode the lower button functions differently, and the touch screen is inactive.:
Button functions during scuba diving
Your Suunto Ocean has three buttons that have different functionalities when short pressing or long pressing them during the dive.
- Upper button short press: Access gas switch menu (only in Multigas mode)
- Upper button long press: Adjust brightness level (Low/Medium/High)
- Middle button short press: Change arch
- Lower button short press: Change switch window item
- Lower button long press: Lock buttons
The touch screen is inactive when it is in contact with water. This means that underwater you have to use the buttons to navigate through displays.