The 32-year-old has been through some rough water so far in 2013 as he bids to shake of the disappointment of the London Olympics.
Waterfield finished narrowly off the podium in fourth in the 10m synchronised platform event alongside Tom Daley before coming a lowly 23rd in the 10m platform individual and exiting the competition in the preliminaries.
However the 2004 Olympic silver medallist was dealt a blow in his quest to bounce back when in January he discovered his funding had been cut.
Waterfield has since been handed a reprieve and in April was awarded a six-month contract from British Swimming, with focus immediately turning towards Barcelona and this summer's World Championships.
And despite accepting that he has some making up to do, Waterfield understands he is drinking in the second chance saloon and is not prepared to let it go to waste.
"I am still going strong and have been feeling good recently in training as I look towards the World Championships," said Waterfield, speaking at a Lloyds TSB National School Sport Week event in Portsmouth.
"It is going to be tough to make it to Spain though and I understand that because having my funding cut a little while back meant I didn't do a lot.
"I thought I was done for when it came to diving so I didn't do anything but when I got my funding back I immediately jumped to it with the World Championships in mind.
"Obviously that period where I didn't do any training means I have a lot of making up to do and am further behind everyone else.
"But I am still confident I can make it to Barcelona and I will be working hard between now and then to try and achieve that."
Waterfield has represented Great Britain at four Olympic Games as well as winning 10m platform Commonwealth gold and silver for England in 2002 and 2006 respectively.
And although he readily accepts that he is coming to the end of his diving journey, Waterfield is adamant he is not ready to let go just yet.
"As well as having that time off when my funding got cut I know I am a year older now which never helps," he added.
"But I still feel good and feel like I have plenty to offer so I will keep pushing and we will see what happened."
(c) Sportsbeat 2013
- Sports & Recreation