A heave compensation system that facilitates the transfer of pipe between a floating platform and a snubbing jack. The heave compensation system includes a first end connected to the floating platform and a second end in connection with a traveling slip assembly of the snubbing jack, the heave compensation system is operable between a disengaged position and an engaged position. When the heave compensation system is in the disengaged position the traveling slip assembly moves separate and independent from the movement of the floating platform, and when the heave compensation system is in the engaged position the traveling slip assembly is locked in a constant position relative to the floating platform.