A transport, launch and recovery marine craft is provided that is capable of transporting, deploying and retrieving cargo at sea, either while idle or while underway. A hinged well deck selectively lowers the cargo into the water, and lifts the cargo out of the water during retrieval. Means for raising and lowering the well deck include hydraulic or pneumatic cylinders connected between the well deck and an overhead support. A winch may be used for loading and unloading the cargo.