This paper presents a vision-based localization approach for an underwater robot in a structured environment. The system is based on a coded pattern placed on the bottom of a water tank and an onboard down looking camera. Main features are, absolute and map-based localization, landmark detection and tracking, and real-time computation (12.5 Hz). The proposed system provides three-dimensional position and orientation of the vehicle along with its velocity. Accuracy of the drift-free estimates is very high, allowing them to be used as feedback measures of a velocity-based low-level controller. The paper details the localization algorithm, by showing some graphical results, and the accuracy of the system