The estimation of rare, extreme environments from a relatively short oceanographic database is crucial to the calculation of loads and responses of offshore structures. A novel and consistent approach has been developed that makes use of a number of asymptotic properties of extremes. A storm can be adequately characterised by its most probable extreme wave or the resultant structural response. This allows us to treat storms, rather than sea states, as the essential random, independent events; to account correctly for uncertainty in the largest wave and structural response within a storm; and to deal with the uncertainty in the seventy of randomly arriving storms, including the rare storms that are more severe than those in the database. The method provides the long term load statistics essential to reliability analysis and to the calibration of environmental Ioad factors in design codes.We demonstrate the application of the method to the prediction of extreme waves, loads and "response based" environmental design conditions for a drag dominated structure in the North Sea.