Tom's record was done with Guinness supervision. Peter Colat's not, but it does not make it less valuable of course. There are rumors about several O2 apneas of 20+ minutes (i.e. Pelizzari), and the physiological limit is probably more than that. Also Tom did 15:02 already last year during a French TV show, but it was probably not confirmed by Guinness. The information about it was even pulled off of Tom's website.
From the interviews, the record videos, and the facts available, it is pretty clear that Tom could very easily pull a much longer O2 breath-hold, but he simply uses the TV shows and Guinness presence in a clever way as an excellent money making machine - by incrementing the record only in small steps, he can assure that he can repeat this stunt again and again on diverse TV channels worldwide for several years (he already did shows minimally in Germany, Italy, France, and the USA).
Those accusing him of greed or violation of freediving ethics (or whatever else), should realize he always clearly tells he breathes oxygen and in no way tries to pretend it is plain breath-hold. It is absolutely clear that if it won't be Tom who does the oxygen records, someone else will do them, so personally I think it is much better when they are done by someone like Tom who deserves the popularity and the money, than by some clown that just makes a big theater around it with a giant glass ball, and pretends the record being done on plain air. And if you think it is too easy, and that longer O2 apneas can be done and were done (which is absolutely true, though not under Guinness supervision), just feel free to contact Guinness and propose yourself for the next attempt.
And BTW, the hyperventilation you could see, unlike at normal apnea, is quite needed at O2 breath-holds - with blowing out as much CO2 as you can, you decrease the risk of CO2 poisoning that is probably the biggest risk at O2 breath-holds.
