Pressure compensator

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

• a first bellows chamber including two end walls and a first bellows part, the first bellows chamber being in flow connection with an insulation medium or liquid chamber of the subsea installation, and the two end walls 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 including at least one of the two end walls and a second bellows part, the second bellows chamber being configured to form a closed intermediate space around the first bellows chamber, the at least one of the two end walls of the second bellows chamber being configured to separate at least the first bellows part of the first bellows chamber from the surrounding sea water, the second bellows chamber being filled with an intermediate medium.