Asymptotic extreme distribution of wave loads acting on a marine vehicle is derived and used in a reliability framework to estimate the safety of the structure. Both exact and approximate methods of reliability analysis are used and the resulting probabilities of failure are compared. The effect of correlation between the wave load and the still water load on the risk of failure is also examined. The results of the comparison showed that the approximate reliability analysis underestimates the failure probability compared to the exact method, and that the correlation effect between the wave and still water loads is not significant.

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