The pilot has now been named as Anthony Taylor from Insch, in Aberdeenshire.
Peter Bond, Chairman of Bond Helicopters, said Captain Taylor, aged 53, was an experienced and highly regarded pilot who had been with Bond for more than 20 years.
The helicopter was on lease to Northern Lighthouse Board and was being used to carry out work at the unmanned Brough of Birsay lighthouse, in the north-west of Orkney.
A major search operation - involving a coastguard helicopter, lifeboats, a RAF helicopter and a number of fishing vessels - was launched after the accident. Mr Taylor's body was recovered by divers at 1416 BST lying in 10 metres of water about 150 metres offshore.
I'm sure our thoughts and prayers are with Captain Taylor's family at this very sad time.