This paper presents analytical results of a rotary vane compressor performance when the compressor is used for air supply from underwater. Compression characteristics such as pressure and temperature in a compression chamber are analyzed. Volumetric and adiabatic efficiencies are calculated. Vane dynamics are also performed to give reaction forces on the vane from the cylinder inner surface and from vane slots. Compressor efficiency is about 34.9%, and about 55% of the compressor loss is produced by the friction between the vane nose and the cylinder wall. Volumetric efficiency is about 79.5%, and indicated efficiency is about 77.1%, which are comparable to other displacement type compressors. When roller was introduced between housing inner wall and vane tips, mechanical efficiency could be improved by as much as 24.9%, depending on the roller friction.