Abstract: An inflatable buoy assembly for use with diving equipment includes a scuba tank, a first stage regulator, a first stage regulator hose and a buoyancy compensator, the assembly including a buoy including a balloon attached to and in fluid communication with a balloon mounting vessel; and an air valve adaptor in fluid communication with the first stage regulator and the buoyancy compensator and having an air fill chuck valve for direct connection to the buoy; so that the balloon is deflated while the assembly is carried and stored, and when the buoy is needed, air is delivered into the mounting vessel from the buoyancy compensator to inflate the balloon.