There is disclosed a tote bag that has a mouth that may be shirred closed by a cord. The bag has a main body portion that has flexible sides. Along the sides thereof are a plurality of pockets that result from the attachment of a web that is secured at the bottom edge thereof to the bottom portion of the bag. Additionally, the web is secured at its upper edge portion to the main body portion to thereby provide a plurality of pockets. The bottom of the bag consists of a perforated panel. At the same time the pockets are provided with relatively small openings to provide drainage of the pockets when necessary. The bag finds utility as an essentially waterproof and mildew proof bag for skin divers, snorklers and scuba divers equipment and for underwater collecting purposes.