I've got a slightly different solution, but it worked for me. Basically, I think the point of the achievement is not to get back in the ship just in the nick of time, but to waste a majority of your oxygen as fuel for your suit. Here's how I did it:
1. Get to The Attlerock
2. Get out of the ship and bounce around using your suit's thrusters
3. When your fuel is almost out, stop flying around (and if you're planning on doing other things this loop, get near the ship)
4. Without moving around, hold down LT to thrust into the ground, burning the remainder of your fuel
5. Continue holding LT and deplete your oxygen supply as fuel
6. When you get about 80-90% through your oxygen, the achievement should pop