Floating production, storage, and offloading (FPSO) system has been widely used in the offshore oil and gas exploitations. Since it has long intervals of docking for thorough inspection and maintenance, and is exposed to collision risk at sea, the time-variant reliability of FPSO becomes very important as for the risks of corrosion and collision. The corrosion defect is modeled as the exponential function of time. The Idealized Structural Unit Method is also proposed to predict ultimate strength of hull girder. Still water and wave-induced bending moments are also combined into stochastic processes. Reliabilities of intact hull during the service are calculated as references to those of collided hulls with effect of corrosion defect. Collision condition is a focus in this paper, where collided hulls are modeled according to ABS instructions. According to the instructions, the section with highest bending moment, which almost locates at the mid ship, should be noticed. Therefore still water bending moments of mid section of collided hulls are achieved and divided into two groups based on collision positions. One is that the mid section is broken, which is named as “direct damage”. Another is that other else section is broken, which is named as “influence”. Result shows that “influence” condition has higher still water bending moment than “direct damage”, which is usually neglected in previous researches. Finally, reliabilities of collided hulls throughout the service life are obtained, which can become references to further inspection and maintenance plan.

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