Abstract: An improved underwater release apparatus, underwater release system and method of controlled release of an underwater object employing the underwater release apparatus. The underwater release apparatus comprises a housing release means mounted on a housing, a securing means for holding the housing at a defined position, the housing release means comprising a pair of load-balanced clamping jaws mounted for movement between a clamping position and a load releasing position, a coupling means attached to a water balanced shaft means slideably mounted on a nonexplosive drive means for driving the shaft between an engaged position and a disengaged position and for releasing the housing from the mooring.