The extreme values of wave climate data are of great interest in a number of different applications, including the design and operation of ships and offshore structures, marine energy generation, aquaculture and coastal installations. Typically, the return values of certain met-ocean parameters such as significant wave height are of particular importance. In a climate change perspective, projections of such return values to a future climate are of great importance for risk management and adaptation purposes. However, there are various ways of estimating the required return values, which introduce additional uncertainties in extreme weather and climate variables pertaining to both current and future climates. Many of these approaches are investigated in this paper by applying different methods to particular data sets of significant wave height, corresponding to the historic climate and two future projections of the climate assuming different forcing scenarios. In this way, the uncertainty due to the extreme value analysis can also be compared to the uncertainty due to a changing climate. The different approaches that are considered in this paper are the initial distribution approach, the block maxima approach, the peak over threshold approach and the average conditional exceedance rate method. Furthermore, the effect of different modelling choices within each of the approaches will be explored. Thus, a range of different return value estimates for the different data sets is obtained. This exercise reveals that the uncertainty due to the extreme value analysis method is notable and, as expected, the variability of the estimates increases for higher return periods. Moreover, even though the variability due to the extreme value analysis is greater than the climate variability, a shift towards higher extremes in a future wave climate