In this paper, a formulation for shakedown analysis of elastic-plastic offshore structures under cyclic wave loading is presented. In this formulation, a fast numerical solution method is used, suitable for the Finite Element Method (FEM) analysis of large offshore structures on which shear effects in addition to bending and axial effects are taken into account. The Morison equation is adopted for converting the velocity and acceleration terms into resultant forces and it is extended to consider arbitrary orientations of the structural members. The theoretical methods of the shakedown analysis are discussed in detail and the formulation is applied to an offshore structure to verify the concept employed and its analytical capabilities. In this paper, a formulation for shakedown analysis of elastic-plastic offshore structures under cyclic wave loading is presented. In this formulation, a fast numerical solution method is used, suitable for the Finite Element Method (FEM) analysis of large offshore structures on which shear effects in addition to bending and axial effects are taken into account. The Morison equation is adopted for converting the velocity and acceleration terms into resultant forces and it is extended to consider arbitrary orientations of the structural members. The theoretical methods of the shakedown analysis are discussed in detail and the formulation is applied to an offshore structure to verify the concept employed and its analytical capabilities.