Structural Reliability treats uncertainties in structural design systematically, evaluating the levels of safety and serviceability of structures. During the past decades, it has been established as a valuable design tool for the description of the performance of structures, and lately stands as a basis in the background of the most of the modern design standards, aiming to achieve a uniform behaviour within a class of structures. Several methods have been proposed for the estimation of structural reliability, both deterministic (FORM and SORM) and stochastic (Monte Carlo Simulation etc) in nature. Offshore structures should resist complicated and, in most cases, combined environmental phenomena of greatly uncertain magnitude (eg. wind, wave, current, operational loads etc). Failure mechanisms of structural systems and components are expressed through limit state functions, which distinguish a failure and a safe region of operation. For a jacket offshore structure, which comprises of multiple tubular members interconnected in a three dimensional truss configuration, the limit state function should link the actual load or load combination acting on it locally, to the response of each structural member. Cont/d.