The subject invention pertains to a method and apparatus for lightning protection for a vessel or structure operated on a fluid such as water. In a specific embodiment, a sailboat mast or lightning rod collects the lightning charge and a flexible conductive wire is attached to the mast or lightning rod which goes over the side of the vessel. A grounding electrode has buoyancy so that the grounding electrode is substantially kept at the water surface. The grounding electrode and buoyancy may also serve to allow the grounding electrode to hydrodynamic plane at the water surface when moving through the water. The buoyancy place's portions of the grounding electrode both above or below the water line and the buoyancy keeps the electrode substantially positioned with respect to the water surface even if the vessel or structure is heeled.