ABSTRACT

Operating in the frontiers of offshore energy production poses significant risk. The consequences of a failure are severe and the costs to mitigate risks are enormous.

The offshore industry has been a leader in explicitly considering risk in design and decision making. One of the first reliability-based design guidance documents was developed for offshore facilities. In addition, this industry has been at the forefront in articulating and managing risk levels. Most importantly, due to the extreme conditions under which we operate, we have had the opportunity to learn from experience to innovate and improve practice to better manage risk.