This paper investigates the impact of the oil (silicone oil PSF-5cSt) presence in the air on the leakage and rotordynamic characteristics of a long-honeycomb seal with length-to-diameter ratio L/D = 0.748 and diameter D = 114.656 mm. Tests are carried out with inlet pressure Pi = 70.7 bars, pressure ratio (PR) = 0.35 and 0.25, inlet liquid volume fraction (LVF) = 0%, 3.5%, and 7%, and shaft speed ω = 10, 15, and 20 krpm. During the tests, the seal is centered. Test results show that leakage mass flow rate m˙ increases (as expected) as inlet LVF increases. Increasing inlet LVF makes direct stiffness K increase more rapidly with increasing excitation frequency Ω. Increasing inlet LVF has a negligible effect on K at low Ω values, but increases K at high Ω values. The value of effective damping Ceff at about 0.5ω is an indicator to the system stability since an unstable centrifugal compressor rotor can precess at about 0.5ω. Increasing inlet LVF increases the value of Ceff at about 0.5ω, reducing the possibility of subsynchronous vibrations (SSVs) at about 0.5ω. San Andrés's model is used to produce predictions. The model assumes that the test fluid in the seal clearance is an isothermal-homogenous mixture. The model adequately predicts m˙, K, and the value of Ceff at about 0.5ω.