A swivel includes an inner and an outer ring. The rings are coaxial and rotatable relative to one another around a central axis, and define a toroidal chamber and an axial seal annulus gap between the rings. The inner and outer rings are rotatably interconnected via a bearing structure. The swivel includes an upper bearing structure and a lower bearing structure on each side of the toroidal chamber. Each bearing structure interconnects the inner and outer rings. An upper and a lower sealing member is situated in the seal annulus gap near a respective upper and lower bearing structure. At least one of the inner and outer rings includes an upper member, a lower member and a central member. The upper and lower members are fixedly attached to the respective upper and lower bearing structures and the central member is independently displaceable relative to the upper and lower ring members.