The correct answer would be, locate your alternate air source in case it is needed.
The first thing you should do if you observe signs of panic in a diver underwater is locate your alternate air source in case it is needed.
Explanation:
When you are underwater and there are other divers as well, and you observe the signs of panic in a diver, you naturally want to help him.
The diver might be in a need of help. He might has run out of the oxygen in his cylinder, or might be having some trouble with his overall health condition.
So the first step you should take in helping him, is to locate your alternate air source. This is because the diver might need oxygen and if you provide him your source of air, you will get in trouble then. So you must arrange or locate your alternate source of air first and then move to the diver to help him.
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