A ribbon drive propulsion apparatus and method for water-borne vessels such as surface craft and submersibles is disclosed. The vessel is equipped with an extended tube having an intake at a first end and an outlet at a second end. A ribbon formed of helical coils is mounted in the tube for rotation and the frequency of the coils decreases from the first end to the second end of the tube. Water is collected at the first end, an axial component of momentum of the water is increased via the rotating ribbon, and the water is ejected from the second end to provide propulsion to the vessel.