A coating composition for application to a subsea component or structure includes a cellulose acetate, a plasticizer, a vegetable oil, and an ethylene-based polymer stabilizer that are mixed together. The plasticizer is epoxidized linseed oil. The vegetable oil is selected from the group including vegetable oil and soybean oil. The ethylene-based polymer stabilizer has a pigment carried therein. The ethylene-based polymer stabilizer is low-density polyethylene. The pigment is titanium dioxide and carbon black.