Subsea equipment-protection apparatus including a fluid monitoring apparatus for detecting a first fluid, a second fluid and a third fluid. The fluid monitoring apparatus including a first float having a density less than that of the first fluid but greater than that of the second fluid; a second float having a density less than that of the second fluid but greater than that of the third fluid; and a sensor configured to detect the first and second floats so that the position of the floats can be determined. The first float floating when a fluid with density greater than the first float is present and sinking when a fluid with density less than the first float is present. The second float floating when a fluid with a density greater than the second float is present and sinking when a fluid with a density less than the second float is present.