ABSTRACT
The offshore oil and gas industry has been a leader in considering risk and reliability explicitly in developing and implementing designs. This industry has constantly pushed further the frontiers for design and technology, with facilities being developed at present in 3,000 m of water. The consequences of a failure can be severe, and the costs associated with mitigating risks can be enormous. Therefore, there is a strong need to avoid both under-conservatism and over-conservatism.
