This presentation examines the basis for current fixed underwater inspection intervals for offshore structures and evaluates whether risk-based alternatives can optimize inspection frequency. It reviews the traditional 5-year interval applied to steel-piled jackets and its origins in marine classification practices, then compares this with offshore structural performance and degradation mechanisms. A reliability-based inspection interval (RLII) methodology is introduced, incorporating structural capacity, demand, and time-dependent degradation from corrosion, fatigue, and mechanical damage. The approach quantifies changes in failure probability over the asset lifecycle to define inspection timing aligned with a target reliability index. Application results from ExxonMobil’s steel-piled jacket fleets demonstrate the method’s use in establishing optimized inspection intervals.