Abstract: A method of and apparatus for floatation is provided in which a compressible and expandable float has a variable volume air chamber enclosed within a tubular main body portion made up of a foldable, cylindrical side wall and opposing end walls. One of the end walls of the floatation apparatus is non-apertured while the other end wall has an aperture therethrough which is openable and closable by means of a cap may be positioned on a spout surrounding the aperture in order to open and close the aperture against movement of air or water in or out of the air chamber. The cap allows for the opening and closing of the aperture in order to expand or compress the tubular body of the floatation apparatus by increasing or decreasing the amount of air in the air chamber.