Abstract: A carrying assembly, suitable for use either as a backpack or a piece of luggage, and especially suited for carrying equipment for recreational water sports such as scuba diving, includes a body, having side, top, bottom, front and back walls, defining a storage space within which are disposed a plurality of storage pockets. The body and pockets may be formed of a strong yet flexible and water resistant material to accommodate transport of both wet and dry items. Also, some pockets may be formed of a strong yet flexible mesh material to facilitate rapid drainage and drying of wet items, especially when the storage space is opened to permit free air circulation. Side wall straps are provided for when the assembly is employed in its luggage configuration and rear wall straps are provided for when it is in its backpack mode. When used as luggage, a closable flap covers and secures in place the rear wall straps.