Does anyone know the title of this movie dragon?

There is this movie I used to watch as a child. I do not remember much about it. The cover the film was like a dragon in it and I fear that the title was beleven a word. There was one two of these guys wore red and one blue. And I think they are launched as divers to go underground, like a cave. I suspect this is a foreign film because I saw when I lived in Europe. I suspect it's from the '80s.

You are not thinking of "Dragonslayer" from 1981, right?

Heavy Dive Gear, The Mark V Divers

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