I wore it too at OBS..
Yes, it was a little bulky but wasn't too cumbersome. At least
you know if you fall into the water, it'll help you to stay
afloat.. no matter how strong a swimmer you think you are, it is
very different if you fall into the sea..
My ship did an experiment some time ago. We threw a dummy into the
water at 10 knots, then did a man-overboard drill in choppy waters.
We managed to recover the dummy and the drill was well-done.
But it took 10 minutes and several times, we almost lost sight
of the dummy.