As the oil and gas industry moves into deep and ultradeep waters, new operating environments are encountered. Often, these deepwater development prospects are characterized by large investments, tight time schedules, and the use of technology in unproven conditions. These and other challenges result in higher risk exposure as well as potential opportunity ties that should be exploited. A methodology was developed for evaluating the system, applying risk and reliability techniques, in combination with verification and qualification procedures, and identifying technical uncertainties to manage these risks and uncertainties successfully.