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Supply chain risk management is primarily a process that involves the identification, assessment and mitigation of risks that arise in a particular supply chain system. Pertaining to that, the offshore and marine industry is one of the many industries that have seldom received much consideration when it comes to management of the supply chain system. The rig building facet of the offshore and marine industry was thus chosen as the main focus of the project to manage the risks that arise in a particular oil rig building project. A risk mitigation plan framework was proposed to act as a guideline to identify as much risk as possible, eliminate trivial ones, and subsequently, prioritizing the remaining ones. The final step involves the formulation of a mathematical model based on the selected risk. In this case, the risk of raw material price fluctuation is studied. The demonstration of the Monte Carlo simulation using the Risk Solver program was also done to quantify the risks. Two case scenarios were then developed along with the implementation of risk management techniques in order to observe the effectiveness of the risk management of the overall rig building supply chain