Pressure compensator

A pressure compensator configured to compensate for volume variations of an insulation medium or other liquid of a subsea installation, comprising:

• a first bellows chamber including a first wall and a first bellows part, the first bellows chamber for being in flow connection with an insulation medium or liquid chamber of the subsea installation, the first wall of the first bellows chamber being configured to separate the insulating medium from surrounding sea water;
• and
• a second bellows chamber surrounding the first bellows chamber, the second bellows chamber defined by an end wall, a side wall and a second bellows part formed by a diaphragm, the end wall, side wall and diaphragm forming a closed intermediate space around the first bellows chamber, the end and side walls of the second bellows chamber being configured to separate at least the first bellows parts of the first bellows chamber from the surrounding water, and the second bellows chamber being filled with an intermediate medium.