Possibly the same, possibly different
Okay - so a wonderfully 50/50 answer.
Well - let's look at why it might be the same - consider Nitroglycerine. It's one of the older explosive compounds and it has a medicinal use.
The Medicinal use part is important because it gives an in-world justification as to why a civilization that doesn't use gunpowder, would 'discover' an explosive compound. Once discovered and various uses are found, more explosive compounds would likely be found and the process better understood etc.
So - why start with Nitroglycerine? Well, apart from the plausibility of it's discovery - it's an explosive that is shock-sensitive. That means, no flame or electricity needed to set it off - perfect for an underwater environment.
It's shock-sensitivity also provides a justifiable reason as to why additional research and discovery of new explosive compounds would happen.
That's the evolutionary path of the discover of an explosive compound and why they would seek to discover more.
However, where things will rapidly diverge is that underwater, the propagation of a blast wave is much different than in air - Explosives can be much more destructive because of the multiple impulses.
This means that the types of Explosive used, how they are used etc. will be significantly different. You would likely see less push towards more explosive power, you wouldn't see the development of things like EFPs - although you may still see shaped charges to maximize the effect of the hydraulic forces/Cavitation from the water.
In short - once shock-sensitive explosives are 'discovered' - via Medical research first stop would be to make them more stable, then other ways to initiate the explosive. From there, the properties of being underwater would cause a divergence in the research paths.