there are many factors at play here.
first of all they are breathing the same air as we do so in order to last longer with the same amount of oxygen they need to use less oxygen overall.
this is usually done by simply being optimized to move under water with less resistance so they need to use less energy which means less oxygen is being used.
beside this we could also stay under water for longer than we usually do, in fact when we breath out theres still oxygen left in the air even after holding our breath for a while.
the reason why we need to breath out and get a fresh breath of air is because we needs to get rid of the CO2 thats building up in our body.
So if you are a mammal thats not as sensitive to CO2 building up you can fully utilize the oxygen you breath.
but the biggest factor by far will simply be using less oxygen.
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