Yup. Genta's inspiration was a commercial diving helmet, though later on, folks would attribute the bit of filigree to the design of a ship's porthole. And as Ryan pointed out, it doesn't quite look right without the slots.
Regards,
Adam
PS - As for Mr. Virk's swipe at the perceived delicate nature of the finish, I can assure you that Royal Oaks wear as well as any steel-cased watch. True, due to the nature of the hand finishing, scratches will be more visible in certain light and at certain angles, but they are no more "magnets" for scratches than any other watch. Indeed, my Jumbo still looks brand new (due, in no small part to its low profile on the wrist), while my old steel Diver, which was worn with the same careless abandon that I wear all my watches, was still in excellent condition when I offloaded it for a truly scratch-resistant AP, the Forged Carbon Diver.