This paper presented an experimental modal analysis of clamped perforated rectangular plates submerged in water. The penetration of holes in the plates had a triangular pattern with P/D (pitch to diameter) 1.750, 2.125, 2.500, 3.000 and 3.750. The natural frequencies of the perforated plates in air were obtained by the Rayleigh-Ritz method and compared with the experimental results. Good agreement was obtained between the analytical solution and experimental result. The experimental results in water showed that the mode shapes are not sensitive to the depth of submergence. The natural frequencies were shown to decrease drastically once the perforated plates come in contact with water. However, the natural frequencies decrease with the depth of submergence until a certain depth is reached, and become the asymptotic values beyond this depth of submergence. The depth of submergence did not affect the damping ratio greatly.