Going without oxygen, coming round in panic I bore an airhole (9)
I believe the answer is:
anaerobic
'going without oxygen' is the definition.
'coming round in panic i bore an airhole' is the wordplay.
'coming round' says the letters should be written backwards.
'in' says the answer is hidden in the clue.
'ciboreana' can be found hidden inside 'panic i bore an airhole'.
'ciboreana' reversed gives 'ANAEROBIC'.
(Other definitions for anaerobic that I've seen before include "functional without O2" , "lacking in inspiration?" .)