Riding the Wave
Aquatic camouflage of a solid blue-gray with green stripes is always used, even on land.
Per Mercenaries Supplemental 2, page 46.
Other references:
Monitor, Mercenaries Supplemental 2 (color plates)
The mercenaries employ as their emblem the image of a mighty sea monster ripping a diminutive Atlas apart with its tentacles. Per FM: Mercenaries Supplemental II, page 46.