A telescoping joint is used to space out ends of a string and distribute the string weight between the tie-down locations. The joint can be compressed to reduce its length but has a locking mechanism that prevents extension under tensile loading. The seals in the joint provide a longer service life due to minimization of relative movement in the expansion joint components. The locking mechanism is preferably a ratchet system that uses a body lock ring that is enabled after breaking a shear pin.