What are the funny little towels that the Olympic divers take in the shower with them?

Question

I've been watching the Olympic synchronised diving yesterday and today - loving it! - but one thing baffles me: When the pairs have dived and swim to the steps they have waiting for them, in the water, what looks like a tiny little towel, which they then take into the shower with them! What is this thing and if it is a towel why do they allow it to get soaked before they even use it!?