A heave compensator with adjustable dampening properties includes a length extension device having an inner space divided by a slide-able piston into a vacuum chamber and a liquid filled chamber, a gas accumulator divided by a slide-able piston into a gas filled chamber and a liquid filled chamber, and a gas tank having an expansion chamber. The liquid and gas chamber are fluidly connected to each other with valve controlled conduits. Further, the device includes pressure and temperature sensors that register pressure and temperature in the gas and liquid phases. The device further includes a control unit having a signal receiving unit, a writeable computer memory, a data processing unit, and a signal transmitting unit. The data processing unit contains computer software that calculates suited amounts of gas and gas pressure in the gas accumulator and/or gas tank based on the information of which lifting operation is going to be performed. The data processing unit further engages activation means such that the suited amount of gas and gas pressure are achieved and maintained during the different phases of the lifting operation.