We propose a semi-analytical (SA) model for relating seafloor reflectance to measured radiance in deep-water hyperspectral imaging in artificially illuminated scenes. Using accurate sensor-seafloor geometry from photogrammetry and the principle of two-viewpoint observation, we estimate the inherent optical properties (IOPs) of the water column. We demonstrate the SA model and estimation of IOPs for hyperspectral imaging of a deep-water coral reef from a remotely operated vehicle. For the calibrated SA model, evaluation of across-viewpoint similarity demonstrates the model's ability to compensate for water column and light source effects.