There is described herein an apparatus for providing buoyancy and/or facilitating rescue of a person or object. The apparatus includes a tubular sleeve for securing the apparatus around at least a portion of a person or an object wherein longitudinal extension of the sleeve causes the diameter of the sleeve to contract radially to grip the person or object or a portion thereof and wherein longitudinal compression of the sleeve causes the diameter of the sleeve to expand. The apparatus may further include a structure coupled to the tubular sleeve for attaching the apparatus to rescue equipment and/or for providing a handle and/or at least one flotation device coupled to the tubular sleeve.