GNSS (Global Navigation Satellite System) positioning is not available underwater due to the very short range of electromagnetic waves in the sea water medium. In this article a LBL (Long Base Line) acoustic repeater system of the GNSS positioning is presented. The system is hyperbolic, i.e., based on time differences and it does not need very accurate atomic clocks to synchronize repeaters. The system architecture and system calculations that demonstrate the feasibility of the solution are presented. The system uses four buoys that sequentially transmit their position and the time of the instant of transmission, for which they are equipped with GNSS receivers and acoustic modems. The buoys can be fixed or even drifting, but they are inexpensive devices, which pose no hazard to navigation and can be easily and quickly deployed for a specific underwater mission. The multilateration algorithm used in the receiver is presented. To simplify the algorithm, the depth of the receiver, measured by a depth sensor, is used. Results are presented for the position error of an underwater vehicle due to its displacement during the transmission frame of the four buoys.