More than 100 Floating Production Storage and Off-loading (FPSO) concepts are in operation at the moment worldwide, and due to increasing demand many are currently under construction or being converted from commercial tankers. Still, operational risk is an issue that is not considered thoroughly in the initial feed stage, especially when compared to fixed installations. Floating installations are more dependent on manual control of some of the marine systems during normal operations, as well as during critical situations. Accidents can be initiated by errors induced by human and organizational factors (HOF), technical (design) failures, environmental conditions, or a combination of all three. Therefore, effective means are extremely important to prevent or mitigate the effects of potential operational accidents that can result in serious accidents. Updated statistics in 2013 revealed that the frequency of operational accidents during the last ten years was significantly above the target value that has been aimed for, in fact it was concluded that the frequency was around one order of magnitude higher. Hence, the objective of this article is to assess the hazards, the existing barriers, the risk level, and the risk reduction potentials more thoroughly.
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