I was on raxxa using my liquid harvest tool underwater to see if by using that tool, I could avoid drowning.
Well, when you collect the water, your air meter does go up very slightly. But…even if you have most of your air left from doing that, you still start to drown.
I’ll snap a pic and send it in a second
Sounds like this bug
For me, the icon on the right side is correct but the scrolling text in the bottom center is extremely delayed. Sounds like you were drowning about a minute ago. 
I was building under water. As can be seen on this screenshot I got the drowning debuf and already lost it because I’m back in air. The used energy is still counting (red 8)
An eternity later the scrolling combat text for drowning is shown. As you can see, the air is already replenished and the buff icon on the right side long gone.
I’ve had the same issue. I get my air filled up by breaking and collecting water and moving into the gaps of air before they refill with water. My oxygen meter refills when i do this, but after some time doing this i will start to drown, regardless of having a near full O2 meter
Did any of you get some kind of crash during these moments?
No. Game runs rock solid without problems.
I was trying to reproduce this, but kept crashing before I could recreate the problem. In any case, I’ve added these comments (and the crash I was experiencing) to the bug database, so with any luck, if the crash is fixed, then hopefully this issue will be fixed along the way as a consequence.
I did this on stream a couple of nights ago…
Around the 50 minute mark I think
