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AbstractThis paper presents an innovative methodology to evaluate risk-reduction measures applicable to an offshore installation, both from an economical and from a technical point of view and to help in choosing among them. The methodology notably addresses some of the most important weaknesses of traditional Cost-Benefit Analysis. Although it requires a more important involvement of the concerned parties than is the case for Cost-Benefit Analysis, we show that it may help to better evaluate and to select risk-reducing measures. After explaining some theoretical aspects, we present an ongoing application to FPSO risks and the expected results of this study.