Abstract: There is described a watercraft (1), comprising a hull (6) pivotally mounted for rotation about a longitudinal axis (10) relative to a float assembly (2, 3) having only two stable floating positions. The float assembly may comprise two spaced floats extending longitudinally of the watercraft and joined by transverse spars (4, 5), the hull being mounted between the transverse spars. Alternatively, the watercraft may comprise a first float assembly (27) mounted to a forward end of the hull and a second float assembly (33) mounted to an aft end of the hull, each float assembly comprising a pair of floats (28, 29; 35, 36) spaced transversely from the longitudinal axis of rotation of the hull.