A hinged floatation device in which the two end portions of one elongate floatation panel are pivotably attached to the two end portions of another elongate floatation panel such that the floatation panels can be pivoted with respect to each other from a compact storage and carrying positioned, where one panel lies substantially flat against the other, to various deployed positions in which the two panels bow outwardly away from each other for sitting in the device while floating, laying on the device while floating, or floating in a vertical position with the device positioned around the user's torso.