It expires after 3 days.

Can received it as a reward from the quest chain that starts in port epheria, from storage manager, you do the quest chain for design parts and at the end you receive one of these from treasure. If you're up for the challenge make sure you got as much swimming speed and underwater breathing as you can, and keep the fishing boat to register it at port ratt, to get at port rat get the ferry from north-west lema island, is at the dock where "Hemsworth" NPC is located at and I believe ferry shows up every 15-45 minutes. Don't try to go with your own boat as sea monsters and pirates will most likely destroy it, and make sure you keep the fishing boat registration for port ratt as you'll need it a lot, for lots of diving. Good luck. You can also buy compass parts from market, received them from another quest chain that starts in Sand Grain Bazar or just farm them in the desert.