The buoyant force is an upward force on an object submerged in a fluid. It is the resultant of the pressure force on the surface of the object. The buoyant force may be larger than the weight of the object causing it to accelerate upwards.
Conclusion:
The weight of the water displaced by the object is subtracted from the actual weigh of the object (out of water), leaving the object with a net positive weight while submerged.