Device (11) for compensation of wave induced distance variations to a drill string between a floating drill rig and a seabed-fixed installation, comprising an extendable cylinder/piston unit (12) which is arranged to be able to compensate when the load exceeds a pre-determined threshold value. The cylinder (13) of the cylinder/piston unit (12) comprises a non-compressible liquid at both sides of a piston (14) positioned substantially in the middle of the cylinder (13) and is prevented from fluid communication with the surroundings. A control valve (19) is arranged to activate the device (11) by opening for fluid communication between the cylinder (13) and a gas containing accumulator (17) when the load exceeds a predetermined threshold value. The device is characterized by being a complete, self-supported unit comprising cylinder (13), piston (14) on a piston rod (15), accumulator (17), control valve (19) and drainage tank (20).