We consider a superrenormalisable gauge theory of topological type, in which the structure group is equal to the inhomogeneous group ISU(2). The generating functional of the correlation functions of the gauge fields is derived and its connection with the generating functional of the Chern-Simons theory is discussed. The complete renormalisation of this model defined in R3 is presented. The structure of the ISU(2) conjugacy classes is determined. Gauge invariant observables are defined by means of appropriately normalised traces of ISU(2) holonomies associated with oriented, framed and coloured knots. The perturbative evaluation of the Wilson lines expectation values is investigated and the up-to-third-order contributions to the perturbative expansion of the observables, which correspond to knot invariants, are produced. The general dependence of the knot observables on the framing is worked out.
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