In the competitive environment, shipyards attempt to reduce failures in their production system in order to maintain their competitive power. Failures cause some damages such as injuries and deaths to the shipyard. Most of the damage causes work loss in the shipyard. To mitigate this damage, the most risky activities and work stations must be identified. For this, the risk levels of the failures must be calculated by applying the Failure Mode and Effects Analysis Method. In this study, the hull structure production process of a shipyard was considered. After collecting the failure statistical data of a shipyard, the failures were categorized and the probability and severity of the failures were determined. A comprehensive process analysis of the work stations was then performed, and the durations of the work activities were determined. Finally, risk priority numbers were calculated, and the most risky activities and work stations were identified.