Wide-angle seismic data acquired by use of air-guns and ocean bottom seismometers (OBS) contain strong direct water arrivals and multiples, generally considered as noise and thus not included in the modelling. However, a recent study showed that standard ray-tracing modelling of the water multiples recorded off the Bear Island, North Atlantic, provided a reliable estimate of the velocity distribution in the water layer. Here, we demonstrate that including the amplitudes in the modelling provide valuable information about the VP contrast at the seafloor, as well as the VP/VS ratio and attenuation (QP) of the uppermost sediments. The VP contrast at the seafloor is estimated at about 250 m/s, within a precision of approximately ±30 m/s. The VP/VS ratio in the uppermost sedimentary layer is modelled in the range 2.25–2.50 and the QP factor is estimated at 1000 for the water, 30–50 for the uppermost layer and 40–50 for the second sedimentary layer. The values obtained for the sediments suggest a lithology dominated by silty clays, with porosity below average.