This is egg case of Dorid sea slug most possibly of Spanish dancer (Hexabranchus sanguineus). It is bright red color and huge (if compared to other sea slug egg cases).
Details:
Model = Canon PowerShot G10
Exposure Time = 1/400 sec [0.002]
F Number = 4
ISO Speed Ratings = 80
Shutter Speed Value = 277/32 [8.656]
Aperture Value = 4
Sorry for the image quality but was very difficult to hold position underwater while snorkeling and free dive (for amateur like me).
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