This PhD research is funded by Lloyd’s Register Group Services Ltd., Aberdeen. Sriramula’s work within the Lloyd’s Register Foundation Centre for Safety and Reliability Engineering at the University of Aberdeen is supported by Lloyd’s Register Foundation. The Foundation helps to protect life and property by supporting engineering-related education, public engagement and the application of research. We would also like to acknowledge the constant assistance provided by Jason Jonkman on using FAST.Peer reviewedPostprin