A pressure compensator including a housing, an electroactive polymer (EAP) disposed in the housing and defining a volume therein, the volume being changeable upon application of an electric signal. A method for managing pressure in a tool including applying an electrical signal to the pressure compensator and changing a shape of the EAP to change the volume of the compensator whereby the pressure in the tool is altered. A borehole system including a borehole in a subsurface formation, a string in the borehole, a pressure compensator disposed within or as a part of the string.