The lubricating oil systems are essential for ensuring the safe and reliable operation of the cruise ships power plants as demonstrated by recent incidents. The aim of this study is to investigate the safety enhancement of a cruise ship lubricating oil system by employing safety, reliability, availability and diagnosability analyses, which are based on the system functional modelling implemented in the MADe™ software. The safety analysis is implemented by combining a Failure Modes, Effects and Criticality Analysis and the systems functional Fault Tree Analysis. Subsequently, Reliability Block Diagrams are employed to estimate the system reliability and availability metrics. The MADe™ toolbox for determining sensors locations is employed for a more advanced diagnostic system development. A number of design modifications are proposed and the alternative configurations reliability metrics are estimated. The derived results demonstrate that the suction strainer and the lubricating oil pump are the most critical system components. Seven additional sensors are proposed to enhance the original system design. Compared with the original system design, the investigated alternative designs exhibit significantly lower probabilities of failure and higher values of availability.