Take a body floating at rest in a homogeneous fluid, with uniform gravity, no tether or other support, and negligible air buoyancy. Imagine replacing the submerged part by the same volume of the surrounding fluid. That imaginary fluid parcel would be at rest: the surrounding hydrostatic pressure would balance its gravitational weight. The actual body experiences the same pressure traction over the submerged boundary, so the resulting buoyant force is upward with magnitude
The body's vertical force balance therefore gives Archimedes' principle in the requested floating case:
The argument determines displaced submerged volume, not necessarily the total volume of a partly emerged body.
The pressure resultant acts through the centre of buoyancy, the centre of mass of the imaginary displaced fluid. Let be the body's centre of gravity and the centre of buoyancy. The two remaining external forces are equal and opposite vertical forces. If their lines of action were distinct, they would form a nonzero couple and the body would turn. Rotational equilibrium consequently requires
This is a condition for equilibrium, not sufficient evidence of its stability. Tilting changes the displaced shape and hence the position of the centre of buoyancy; the resulting torque determines whether the body returns towards its original orientation. A centre of gravity above the centre of buoyancy does not by itself settle that floating-body stability question.

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