Offshore projects are complex and require proactive risk management to achieve the desired outcomes. Offshore projects are exposed to many risks due to the large investments, strict regulations, and complex natural challenges. This study highlights the importance of risk management in offshore project execution, focusing on the risks associated with different project delivery methods(PDMs) such as Design Bid Build (DBB), Design-Build (DB), Construction Management at Risk (CMAR), Public-Private Partnership (PPP), Build-Operate-Transfer (BOT), Engineering, procurement and Construction(EPC) and Integrated Project Delivery (IPD) at various stages of an offshore project's lifecycle. This research aims to assess and recognize the risks related to offshore projects to improve understanding and optimize performance outcomes. Risk identification was carried out through an extensive literature review followed by a risk assessment involving expert interviews to evaluate the probability and impact of each risk. It is found that management risks account for an average of 52% of all identified risks, While technical risks account for an average of 24% of the identified risks. Historical data on real-world projects delivered using EPC are utilized to validate these risks' impact on the risk management process by assessing pre-mitigation and post-mitigation risk plans. It is noted that implementing a risk response strategy led to a 27% reduction in the estimated budget and a 14% decrease in the estimated duration.