Abstract-This paper presents a filter for positioning of an underwater vehicle in exposed aquaculture environments. The input to the filter is time of flight measurements from acoustic transponders mounted at near the sea surface. The transponders are exposed to oscillations from wave disturbances. This has an impact on the accuracy of the positioning system. An extended Kalman filter (EKF) solution has been proposed with a wave motion compensation. Experimental results show that the proposed filter compensates for the disturbances and thereby increase performance of the position estimate.