This paper presents a visual servoing control scheme that is applied to an underwater robotic vehicle. The objective of the proposed control methodology is to provide a human operator the capability to move the vehicle without loosing the target from the vision system's field of view. On-line estimation of the vehicle states is achieved by fusing data from a Laser Vision System (LVS) and an Inertial Measurement Unit (IMU) using an asynchronous Unscented Kalman Filter (UKF). A controller designed at the kinematic level, is backstepped into the dynamics of the system, maintaining its analytical stability guarantees. It is shown that the under-actuated degree of freedom is input-to-state stable and an energy based shaping of the user input with stability guarantees is implemented. The resulting control scheme has analytically guaranteed stability and convergence properties, while its applicability and performance are experimentally verified using a small Remotely Operated Vehicle (ROV) in a test tank.