A prototype/back up time machine created by Mason Industries. The Lifeboat was originally used by Lucy Preston, Wyatt Logan, & Rufus Carlin to chase Garcia Flynn & stop Rittenhouse from changing history. Jiya & Garcia eventually joined them on the mission to stop Rittenhouse. Rufus & Jiya were the only trained pilots. At one point when Wyatt was fired he was replaced by Dave Baumgardner, when Dave was killed he was replaced by Caleb Sullivan who was abandoned in 1962 by Lucy & Rufus.
It was upgraded by Rufus and Jiya to be able to hold four passengers safely.
Lifeboat circa 2023
In the original 2023 timeline they were still fighting Rittenhouse, the Lifeboat is eventually upgraded by Jiya & Connor Mason to include an autopilot feature so that anyone can use it even with no passengers, along with other unidentified upgrades.
Since the technology exists to build a time machine they kept it just in case someone builds another so they have a way to stop them. In the new 2023 timeline a girl named Paulina was shown working on design schematics for another time machine.
A more advanced time machine that was stolen by Garcia Flynn, Stiv and Anthony Bruhl. They used the Mothership to change key events in history to hurt/erase the Rittenhouse organization. After learning what Rittenhouse wanted to do with the time machines, Anthony wanted to destroy the Mothership and encouraged Lucy to do the same to the Lifeboat, but was shot and killed by Flynn when he attempted to. The new pilot of the Mothership is Emma Whitmore.
It was eventually taken back by Denise Christopher to rescue Lucy, Rufus, Wyatt, & Jiya from North Korea before they were killed by North Korean soldiers. Upon returning to 2018 it was destroyed.