A depth compensated passive eave compensator comprises a first cylinder connected at its upper end to a vessel. A piston rod extends from a piston located within the first cylinder through the lower end thereof and is connected to subsea equipment. A second cylinder contains a compressed gas which maintains pressure beneath the piston of the first cylinder. The upper end of the first cylinder is connected to the upper end of a third cylinder having a piston mounted therein. A piston rod extending from the piston of third cylinder extends through the lower end thereof thereby applying the pressure of the sea to the piston of the third cylinder.