A subsea arrangement including a base structure; a tubular member rotatably mounted to the base structure through an annular bearing, wherein a section of the envelop surface of the tubular member is covered by a layer of thermally insulating material; a ring-shaped insulating member of open cell polymer foam mounted to the tubular member, wherein an inner edge of the insulating member is in contact with the envelop surface of the tubular member and the insulating member protrudes radially from the tubular member. The insulating member is positioned between an inner edge of the layer and the annular bearing with a first lateral surface of the insulating member in sliding contact with the inner edge of the layer and with an opposite second lateral surface of the insulating member in contact with a part of the annular bearing.