A pressure compensated hydrophone for measuring dynamic pressures is disclosed. The hydrophone includes a compliant hollow mandrel with a single optical fiber coiled around at least a portion of the mandrel. The mandrel further includes at least one pressure relief valve for compensating for changes in hydrostatic pressure. The pressure relief valve includes a micro-hole, which allows hydrostatic pressures or low frequency pressure events to couple into the interior of the mandrel to provide compensation against such pressure. Higher frequencies pressure events of interest do not couple through the micro-hole and therefore only act only on the exterior of the mandrel, allowing for their detection. Because (quasi) hydrostatic events are compensated for, the mandrel may be made particularly compliant, rendering the singular fiber optic coil particularly sensitive to the detection of the higher frequency signals of interest.