I love it.

Animation might even look good played back unnaturally fast, total time 1 second.

Might look good if the m e r text fades-in without the bubbles, and then the bubbles freeze in-place at proper position while bleaching to white.

Some people might prefer more bling-lighting from waves/sun above.

Also perhaps a different fade-in effect for logo; at start, logo is strongly blurred and dark and sort-of appears coming out of the deep blue.

- just ideas if you want to play more. looks fine to me as-is.