Yes, it can be serviced. But it won’t be cheap. Looks like the dial and hands are ruined, so will need to be replaced, which will be charged to you in addition to the service.
Send it to Omega for an estimate, until it is opened up and the water damage assessed no one here can give you an idea of what it will cost. The dial will not be the only thing that needs to be replaced. What's the backstory on the water ingress? Was it recent or did it happen a while ago and the watch sat for a period of time allowing the water to do its damage? Was it fresh water or salt water? Time is of the essence here, you need to get it opened up, dried out and evaluated by Omega. You are looking at a substantial bill to get it back to tip top condition, this is far beyond a standard service cost.
Ok, I am going to discuss the watch with Omega tomorrow. The watch fogged up after a downpour. The crystal was white it was quite bad. So first of all, glad I dont use the original leather as it costs a lot and would have been damaged also, I am sure.
They are never really too far gone. Although I am still working on the above.
This one cleaned right up and I use it as a bench timer. One of the lugs is shorter than the others.
As long as all the parts are there; chances are good the watch can be restored. Sometimes this becomes a labor of love. Even when they are a black hole of despair, and a veritable money pit.
Saw this from Omega. Not sure what the water resistance is for this model and when it was last serviced? Be curious to know what they say too....