The present invention generally offers a system and a method that allows a vessel to treat water while providing corrosion inhibition. An oxygen stripping gas source produces oxygen stripping gas that may be pumped directly to, preferably but optionally, a venturi injector, or may first be pumped into an empty tank and then delivered to the injector means. Water being pumped through the injector via a transfer piping means comes into contact with the oxygen stripping gas, and dissolved oxygen in the water transfers to micro-fine stripping gas bubbles generated by the injector. The water and the micro-fine bubbles are pumped from the injector and into the tank, where the micro-fine bubbles float to the surface, and the oxygen is released into the tank's headspace. The deoxygenated water may be re-circulated through the system for additional deoxygenation or released from the tank into the surrounding waterways.