Abstract The Petroleum Safety Authority Norway (PSA, formerly Norwegian Petroleum Directorate) took in 1999 the initiative to develop a method in order to assess trends and status for the risk levels in the Norwegian offshore petroleum industry. A method was developed, and a pilot study report was issued in April 2001, covering the period 1996–2000. Annual updates have been performed since then, and the latest report covers the period 1996–2004. The statistical approach is based on recording occurrence of near misses and relevant incidents, performance of barriers and results from risk assessments. Of similar importance is an evaluation of safety culture, motivation, communication and perceived risk. This is covered through the use of social science methods, such as questionnaire surveys and a number of interviews, audit and inspection reports as well as accident and incident investigations. There are also indicators for occupational accidents and occupational illness/-physical working environment factors. The focus is on the major hazard risk components for personnel staying on the offshore installations. An overview of the indicators used to illustrate these risk aspects is presented, followed by a discussion of the analytical approach used for these indicators. Results from the risk assessment for the Norwegian Continental Shelf in the period 1996–2004 are used throughout for illustration, and discussion of challenges.