Structural Reliability Analysis (SRA) is a method for estimating the reliability or probability of failure of a structure, a structural member, or a structural element. This analysis is in turn based on a physical model which represents both the load and resistance of the system. An offshore jacket is analysed for structural reliability and the major load on the jacket is found to take a parametric equation proportional to the maximum wave height impeding the platform. Reserve Strength Ratio (RSR) is used as a general term to describe the resistance of the system. Probability of failure of the structure is then calculated using FORM/SORM using MATLAB for different assumed values of RSR, and acceptance criteria of RSR for west coast of India is also discussed.