Abstract: A compressed fluid hover control system for a submersible buoy in which the water level in a buoyancy chamber is controlled in accordance with external water pressure and predetermined levels of water in the buoyancy chamber. More specifically, a submersible buoy having a fluid-containing chamber containing a compressed fluid is connected to a buoyancy chamber by a gas inlet valve. A gas exhaust valve connects an upper portion of the buoyancy chamber to the surrounding water and a relief duct connects a lower portion of the buoyancy chamber to the surrounding water. Both the gas inlet and gas exhaust valves are controlled by a valve control circuit which opens and closes the valves in accordance with predetermined criteria related to water levels within the buoyancy chamber and the depth of the buoy as determined by a water pressure transducer.