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An increased focus on risk based maintenance (RBM) optimization has been prompted in the offshore oil and gas (O&G) production and process industry due to the currently existing regulations and guidelines on preventing the functional failure risk (FFR) of rotating equipment and instrumentation. The RBM optimization approach prioritizes functions based on the potential risk of a given functional failure. Then, the equipment and instrumentation connected to the different functions are assigned with appropriate maintenance routines according to the potential risk of corresponding functional failure. This manuscript focuses on mitigating the suboptimal prioritizations made in implementing petroleum safety authority (PSA) specified regulations and NORSOK standard Z008 specified guidelines. It is mandatory to follow these to prevent functional failures on offshore O&G production and process facilities (P&PFs …