Abstract: The invention provides a bicycle-like pedal exerciser in a flotation structure designed for use in water. Two crescent shaped inflatable tubes are oppositely affixed in a fold-in frame horizontally disposed point to point. Hinged frame sections exposed between the flotation points and the convex inner wall tube shapes provides an operational and fixture-attach opening. A curved, flat bottom seat suspended downwardly in the opening faces a yoke-attached adjustable shaft downwardly affixed with a small flywheel turnable by bicycle-type pedals. The seat is adjustable and removable. An adjustable brake supplies a desired tension to the small flywheel. The device is operational in swimming pools or other limited water areas. The user sits or stands submerged to arm pit level and exercises by cranking the flywheel with the bicycle-like pedals. A variety of positions may be assumed for in-water therapy or for healthful exercising.