A pressure compensator for a subsea device is provided. The pressure compensator provides pressure balancing between a chamber of the subsea device and the surrounding environment when the subsea device is installed at a subsea location. The pressure compensator includes an intermediate compensation chamber that is provided by a compensator enclosure. The compensator enclosure is sealed against the subsea environment. The compensator enclosure includes a bellows portion that is deformable to change the volume of the intermediate compensation chamber. The pressure compensator further includes a flexible hose disposed inside the intermediate compensation chamber. A volume inside the flexible hose provides a main compensation chamber.