I like to solve first in SI units. So convert pressure into Pascal.
P = 207 psi = 1.427x10^6 Pa
The formula for hydrostatic pressure is:
P = ρ g h
where ρ is density of ocean water = 1025.1 kg/m^3, g is gravity = 9.81 m/s^2, h is height or depth
1.427x10^6 = 1025.1 * 9.81 * h
h = 141.92 m
Convert meters to inches:
h = 141.92 m = 5587.4 inches