Also as you know that’s not a regetta timer.
The first quadrant conflicts with your statement.
But I think it would only be useful if you had a very, very fast yacht.
(Unless one of the orange centre hands was a minute counter).
😬
I would need to see a movement and inside case back shot.
My first hunch is that the watch is a Wakmann with a Lemania dial. Aka Franken.
Not ruling out the chance it’s legit.
Lemania did make some small runs of their own from time to time and ref to ref.
Cheers.
I can’t see which other Lemania watch the dial could have come from if it is a franken.