As an independent power system, the reliability of offshore electric system is closely related to the smooth progress of offshore oil production. There are two major characteristics of this type of power system. One is that it includes a generation system, transmission system, as well as a distribution system, and the other is that the load shedding measures in the event of a fault are different from that of the onshore power grid. Therefore, traditional reliability assessment models and algorithms cannot be used directly. Based on the theory of overall reliability evaluation, a reliability evaluation method suitable for offshore electric systems and the corresponding reliability indicators are proposed in this paper. In state sampling, the overall system sampling is divided into generation system sampling, transmission system sampling, and distribution system sampling based on the hybrid sampling theory. In state assessment, the priority decoupling load shedding model and the cascade fault model are established considering the actual production. At the end of this paper, the power system of an offshore oil platform is taken as an actual example to calculate the reliability index. Based on the failure analysis, relevant measures to improve the reliability of the system are proposed.