Abstract: A subsea arrangement comprising an external casing and a pressure equalizing valve for equalization of the fluid pressure in an internal space of the casing. The pressure equalizing valve is provided with a valve body including a base section displaceably received in an opening provided in the casing; and a valve member secured to the base section and arranged inside the casing, the valve member facing a valve seat surrounding said opening. The valve body is displaceable upwards, under the effect of an external fluid pressure, from a resting position, in which the valve member prevents fluid flow into and out of said internal space, to a raised position, in which the valve member allows fluid flow from the surroundings into said internal space for equalization of the fluid pressure therein when the subsea arrangement is lowered into the sea.