This paper proposes an approach for evaluation of time dependent reliability of Jackup structures. An approach for signal processing using prolate spheroidal wave functions is combined with stochastic field representation method to represent ocean waves with least number of independent sources of uncertainty. First passage probability for dynamical systems subject to stochastic loading was then used in the formulation of the reliability approach. A simplified Jackup was modelled and used to demonstrate the time dependent reliability approach by propagating the uncertain wave load on the unit. In-house computer codes were developed for the analysis of the stochastic response in time-domain to obtain time dependent failure probabilities. The results were compared with those of a similar model in which the statistical method is used. © 2017 The Author(s). This open access article is distributed under a Creative Commons Attribution (CC-BY) 4.0 license.