Consider that the SAR Sea King is a specialised 1978 version of a 1969 UK version of a 1959 US helicopter!
They've been modified and updated quite a lot over their lifetimes, and I'd bet that Clarion is correct, and it's an additional antenna added on much more recently, and probably had to go there for some reason (like availability of power/data cabling ducts, or clearance from other parts of the airframe etc), since even when modding an existing aircraft, people know that if you put something in the position of a step, someone will eventually step on it.
Even if you train everyone who should be anywhere near it, at some point, a bod who you can't scream at, like royalty or a very senior rank, will doing something daft like step on it. This will be a known issue with the aircraft, and it would have been modified out by now, if there was a practical way to do it.
The Sea Kings are meant for things like crew recovery from a downed aircraft, in times of war, so they're doing what they're designed to do. They probably wouldn't be painted bright yellow, should they be used in that exact role! (Edit: pcolbeck just said that, whilst I was writing it!)