"Le scaphandrier et la petite géante" by Royal de Luxe. The men in the red suits jump off the crane's platform to make the giant diving suit marionette move. Here's video of it in action:
And here's a terrific photo gallery with desktop wallpaper sized images of the diver and the girl. Via these sites.
*Previously: Royal de Luxe's giant steampunk spider.
*Buy diving helmets at eBay.