Developing a Model to Analyze and Assess Risks in Off-Shore Projects

Particular technical, financial, and environmental risks are present in offshore projects, which frequently result in significant delays and cost overruns. Despite the abundance of commercial risk management solutions, most of them are either general or qualitative, or they are not flexible enough to be used in offshore environments. This study fills this gap by creating a quantitative Offshore Risk Management Model (ORMM) that combines risk source classification, user-friendly data entry, and Expected Monetary Value (EMV) analysis. A structured questionnaire survey of experts in offshore projects was part of the research approach, along with case studies in the Arabian Gulf, North Sea and Red Seas and statistical validation of the survey instrument (Cronbach's Alpha = 0.85). The results show that ORMM enhances risk quantification accuracy, facilitates proactive mitigation techniques, and promotes contingency estimation. The findings bridge the gap between dynamic, computationally verified instruments for offshore risk and static qualitative frameworks, advancing both theory and practice.