Hoisting device for use on a floating vessel, the hoisting device comprising: - a load bearing structure to be mounted on the vessel; - hoisting mechanism for raising and lowering an object, comprising: i. at least one hoisting winch; ii. a hoisting cable associated with the at least one hoisting winch, iii. an object connecting device for releasable connecting an object to the hoisting cable; - a heave compensation mechanism associated with the hoisting cable for damping the effect of the movement of the vessel, as a result of sea-state induced vessel motion onto an object supported by the main hoisting cable; characterized in that the heave compensation mechanism comprises: an underload protection cylinder which supports a cable pulley which guides the hoisting cable such that a force is exertable on the hoisting cable, which cylinder is normally positioned in extended position to protect the hoisting mechanism against underload or slack; and/or an overload protection cylinder which supports a cable pulley which guides the hoisting cable such that a force is exertable on the hoisting cable, which cylinder is normally positioned in retracted position to protect the hoisting mechanism against overload; a control device for controlling the underload protection cylinder and/or the overload protection cylinder, which control device is adapted to switch each of the cylinders (19,20) between a protection mode in which said cylinder protects the hoisting mechanism against underload or overload respectively, and a heave compensation mode, in which each cylinder is positioned in intermediate position to provide passive heave compensation. - a load bearing structure to be mounted on the vessel; - hoisting mechanism for raising and lowering an object, comprising: i. at least one hoisting winch; ii. a hoisting cable associated with the at least one hoisting winch, iii. an object connecting device for releasable connecting an object to the hoisting cable; i. at least one hoisting winch; ii. a hoisting cable associated with the at least one hoisting winch, iii. an object connecting device for releasable connecting an object to the hoisting cable; - a heave compensation mechanism associated with the hoisting cable for damping the effect of the movement of the vessel, as a result of sea-state induced vessel motion onto an object supported by the main hoisting cable; an underload protection cylinder which supports a cable pulley which guides the hoisting cable such that a force is exertable on the hoisting cable, which cylinder is normally positioned in extended position to protect the hoisting mechanism against underload or slack; and/or an overload protection cylinder which supports a cable pulley which guides the hoisting cable such that a force is exertable on the hoisting cable, which cylinder is normally positioned in retracted position to protect the hoisting mechanism against overload; a control device for controlling the underload protection cylinder and/or the overload protection cylinder, which control device is adapted to switch each of the cylinders (19,20) between a protection mode in which said cylinder protects the hoisting mechanism against underload or overload respectively, and a heave compensation mode, in which each cylinder is positioned in intermediate position to provide passive heave compensation.