Abstract: This invention relates to a pressure compensating valve and more particularly, but not exclusively, to a balanced pressure compensating valve, or regulator. The valve includes a chamber (6) for containing fluid, defined by a flexible barrier (2) trapped between first (3) and second (4) surfaces. A fluid inlet provides fluid to the interior of the chamber. A fluid outlet selectively allows fluid to pass out of the chamber. Movement of the first (3) and second (4) surfaces relative to each other causes change in contact between the flexible barrier and the first and second surfaces to selectively open the fluid outlet, in a first position, and occlude it between the flexible barrier and one of the surfaces, in a second position.