A multiple-access underwater frequency transfer scheme using terminal phase compensation is demonstrated. With this scheme, a highly stable 100 MHz frequency signal was disseminated over a 3 m underwater link for 5000 s. The timing fluctuation and fractional frequency instability were both measured and analyzed. The experimental results show that with the phase compensation technique, the total root-mean-square (RMS) timing fluctuation is about 3 ps, and the fractional frequency instabilities are on the order of
5.9
×
1
0
−
13
at 1 s and
5.3
×
1
0
−
15
at 1000 s. The experiment results indicate that the proposed frequency transfer technique has a potential application of disseminating an atomic clock to multiple terminals.