  We consider a superrenomalizable 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 renomalization of this model defined in R^3 is
presented. The structure of the ISU(2) conjugacy classes is determined. Gauge
invariant observables are defined by means of appropriately normalized 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.
