The CFD tool ComFLOW is suitable for simulations of two-phase flows in offshore applications. ComFLOW solves the Navier-Stokes equations in both water and (compressible) air. The water surface is advected through a Volume-of-Fluid method, with a height-function approach for improved accuracy. By employing Absorbing Boundary Conditions (ABC), boundaries can be located relatively close to an object, without influencing outgoing waves or generating numerical reflections that affect the waves inside the flow domain. Traditionally, boundaries are located far from the obstacle to avoid reflections; even when numerical damping zones are used. Hence, with the ABC approach less grid points are required for the same accuracy, which reduces the computing time considerably. Simulations of a semi-submersible model are compared to measurements. The overall agreement is reasonably good, for a wide range of wave conditions. The ABC performs well; numerical reflections are almost absent. Moreover, computing times reduce with a factor four compared to damping zone techniques.