Can't really tell .. but it looks like the yellow chord raps around the center black thingy. I'm going for some sort of fancy "yankee" tape measure of some sort.
kinda looked like the tape we use to run thru conduit to pull wire but thats not it. maybe some kind of flukemeter that measures voltage/frequency.
So it has a crank for raising and lowering the remote probe (don't get turned on, Steve), so the question centers around the probe. I'm going to guess that it is used to measure water quality either in a sub surface marine environment or in a well.
the remote part is not a probe but an I/O device for retrieving some sort of information from the base?