The ＇risk picture＇ of the offshore oil industry is a multi-faceted picture. Characteristic of this picture is the relatively large contribution by ＇major hazards＇. Process-related hazards involving fires and explosions are the main contributors. The industry has been very active in an effort to provide improved insight into the complex mechanisms of these major accident scenarios. Together with the recent changes in the offshore regulatory regime, where ＇prescriptive＇ rules have been replaced by ＇functional＇ requirements, these technological achievements provide new ways of dealing with and documenting safety. This paper discusses these developments, and suggests benefits of this new approach, certain problem areas and challenges.