diff --git a/eventlet/semaphore.py b/eventlet/semaphore.py
index 73dbbc1..962b304 100644
--- a/eventlet/semaphore.py
+++ b/eventlet/semaphore.py
@@ -1,4 +1,7 @@
 from __future__ import with_statement
+
+import collections
+
 from eventlet import greenthread
 from eventlet import hubs
 from eventlet.timeout import Timeout
@@ -35,7 +38,7 @@ class Semaphore(object):
         if value < 0:
             raise ValueError("Semaphore must be initialized with a positive "
                              "number, got %s" % value)
-        self._waiters = set()
+        self._waiters = collections.deque()
 
     def __repr__(self):
         params = (self.__class__.__name__, hex(id(self)),
@@ -80,8 +83,12 @@ class Semaphore(object):
             raise ValueError("can't specify timeout for non-blocking acquire")
         if not blocking and self.locked():
             return False
-        if self.counter <= 0:
-            self._waiters.add(greenthread.getcurrent())
+
+        current_thread = greenthread.getcurrent()
+
+        if self.counter <= 0 or self._waiters:
+            if current_thread not in self._waiters:
+                self._waiters.append(current_thread)
             try:
                 if timeout is not None:
                     ok = False
@@ -92,10 +99,19 @@ class Semaphore(object):
                     if not ok:
                         return False
                 else:
-                    while self.counter <= 0:
+                    # If someone else is already in this wait loop, give them
+                    # a chance to get out.
+                    while True:
                         hubs.get_hub().switch()
+                        if self.counter > 0:
+                            break
             finally:
-                self._waiters.discard(greenthread.getcurrent())
+                try:
+                    self._waiters.remove(current_thread)
+                except ValueError:
+                    # Fine if its already been dropped.
+                    pass
+
         self.counter -= 1
         return True
 
@@ -117,7 +133,7 @@ class Semaphore(object):
 
     def _do_acquire(self):
         if self._waiters and self.counter > 0:
-            waiter = self._waiters.pop()
+            waiter = self._waiters.popleft()
             waiter.switch()
 
     def __exit__(self, typ, val, tb):
diff --git a/tests/semaphore_test.py b/tests/semaphore_test.py
index 1316330..ced9136 100644
--- a/tests/semaphore_test.py
+++ b/tests/semaphore_test.py
@@ -45,5 +45,24 @@ class TestSemaphore(LimitedTestCase):
         self.assertRaises(ValueError, sem.acquire, blocking=False, timeout=1)
 
 
+def test_semaphore_contention():
+    g_mutex = semaphore.Semaphore()
+    counts = [0, 0]
+
+    def worker(no):
+        while min(counts) < 200:
+            with g_mutex:
+                counts[no - 1] += 1
+                eventlet.sleep(0.001)
+
+    t1 = eventlet.spawn(worker, no=1)
+    t2 = eventlet.spawn(worker, no=2)
+    eventlet.sleep(0.5)
+    t1.kill()
+    t2.kill()
+
+    assert abs(counts[0] - counts[1]) < int(min(counts) * 0.1), counts
+
+
 if __name__ == '__main__':
-    unittest.main()
+    unittest.main()
\ No newline at end of file