In maritime safety research, risk is assessed usually within the framework of formal safety assessment (FSA), which provides a formal and systematic methodology to improve the safety of lives, assets, and the environment. A bespoke application of FSA to mitigate accidents in marine seismic surveying is put forward in this paper, with the aim of improving the safety of seismic vessel operations, within the context of developing an economically viable strategy. The work herein takes a close look at the hazards in North Sea offshore seismic surveying, in order to identify critical risk factors, leading to marine seismic survey accidents. The risk factors leading to undesirable events are analysed both qualitatively and quantitatively. A risk matrix is introduced to screen the identified undesirable events. Further to the screening, Fault Tree Analysis (FTA) is presented to investigate and analyse the most critical risks of seismic survey operation, taking into account the lack of historical data. The obtained results show that man overboard (MOB) event is a major risk factor in marine seismic survey operation;lack of training on safe work practice, slippery deck as a result of rain, snow or water splash, sea state affecting human judgement, and poor communication are identified as the critical risk contributors to the MOB event. Consequently, the risk control options are focused on the critical risk contributors for decision-making. Lastly, suggestions for the introduction and development of the FSA methodology are highlighted for safer marine and offshore operations in general.