Landing string compensator

A method for compensating a landing string due to movement of a floating rig, the method comprising:

• connecting a compensation system to the landing string, the compensation system having a first lock, a second lock and a slip joint;
• placing the compensation system and the landing string in a riser;
• securing a lower portion of the slip joint to the riser by activating the second lock;
• securing an upper portion of the slip joint to the floating rig by activating the first lock;
• and
• allowing the slip joint to extend or retract as the floating rig moves relative to the riser.

A method for compensating a landing string due to movement of a floating rig, the method comprising:

• attaching a portion of the landing string to a riser string, wherein the landing string is compensated by a landing string compensator and the riser string is compensated by a riser string compensator;
• releasing the landing string from the landing string compensator;
• and
• compensating the landing string using the riser string compensator.