Abstract: An axial compensator has a corrugated compensator tube extending along an axis and having a pair of opposite ends and respective pipe sleeves fixed to the ends and movable axially toward and away from each other with axial elastic deformation of the compensator tube. An inner guide tube fixed to one of the sleeves, generally centered on the axis, and projecting axially toward the other sleeve is formed with a plurality of radially outwardly projecting formations spaced axially from the one sleeve and defining respective radially outwardly open gaps. An outer guide tube fixed to the other of the sleeves, generally centered on the axis, and telescopingly engaging the inner guide tube is formed with radially inwardly projecting formations spaced axially from the one sleeve, defining respective radially outwardly open gaps, and aligned axially and engageable axially with the inner-tube formations. The gaps have an angular dimension at least as great as an angular dimension of the formations.