Guido Panerai & Figlio, founded in 1860 in Florence, advanced quickly to the official watchmaker of the Italian Navy and produced extremely modern and precise instruments. In 1936 the company, later renamed Officine Panerai, launched the first prototype of a diver's watch. During World War II, watches and other instruments made by Panerai were standard-issue tools for Italian Navy frogmen, SLC torpedo riders and commandos, later also for naval forces of other countries such as Egypt. A complete set comprising a diver's watch, compass and depth gauge was called "Trittico".
Since Panerai was a supplier of the Egyptian Navy, it is not surprising to learn that the present owner purchased these two instruments in Egypt in 1984.
For a description and illustration of a Panerai compass and depth gauge see The Panerai in Florence by Dino Zei, pp. 70 & 71.