The question is poorly asked so I am making an assumption here. I am assuming that the object weighs 150lbs on the surface. If it is 150lbs of steel it will not displace anywhere near as much water as a 150lbs of concert will. Whatever the amount of water the object displaces is subtracted from the objects weight on the surface thereby reducing the amount of lift needed as long as the object remains in the water.
True on all counts, but I think you missed that it has a fixed volume.
An object with a volume of one cu. ft., weighing 150 lbs