In this paper, the effects of a foil attached to a ship on the ship motion, added resistance, and thrust generation in waves are analyzed. The unsteady theory for a two-dimensional foil is introduced to determine the coupled motion responses of the ship and foil. The thrust caused by the oscillating foil is evaluated and compared to the added resistance of the ship, so that a positive net thrust can be possible in waves. A comparison of the results of unsteady, quasi-steady, and experimental analyses is performed.