This paper reports on an empirical analysis of company-reported incidents on oil and gas production platforms in the Gulf of Mexico between 1996 and 2010. During these years, there was a dramatic increase in the water depths at which offshore oil and gas is extracted. Controlling for platform characteristics such as age, quantity of oil and gas produced, and number of producing wells, we find that incidents (such as blowouts, injuries, and oil spills) are positively correlated with deeper water. Controlling for these and other characteristics, for an average platform, each 100 feet of added depth increases the probability of a company-reported incident by 8.5%. While further research into the causal connections between water depth and platform risks is warranted, this study highlights the potential value of increased monitoring of deeper water platforms. (C) 2012 Elsevier Ltd. All rights reserved.