A methodology is developed for panel reliability assessment for ship-shaped FPSOs. Axial compressive loads and internal and external lateral pressures are taken into account. Variability of corrosion and material properties are considered in panel ultimate strength. Uncertainty of axial compressive loads induced by hull girder bending is evaluated. Variability of still-water and vertical wave-induced bending moments are assessed. Factors that have significant impact on the panel reliability are investigated.