i need a cheap waterproof camera

" Pentax as it is 35mm equivalent 24mm - 140mm where as the panasonic is 29mm - 108mm"

Go with the 24-140mm.  You are getting more at both ends--why limit yourself?  And unless you never come up for air, you may want the extra zoom range.

Be aware that none of the "tough" cameras are very good in terms of IQ.  But if all you want is internet sharing, small pix, no enlarging, you should be OK.

Another issue/question is: do you want action/sports shots?  (Surfing, etc.).  Burst mode of about 5fps with max of at least 2-3 seconds worth of pix is essential.