Operational environments may have a considerable influence on the reliability performance and maintainability performance of an item. In the Arctic region with harsh climate condition, sensitive environment and remote location, these influences are more critical. To achieve effective reliability and maintainability analysis and management, all technical challenges and influence factors must be identified. Then, based on the way that these factors influence the failure mechanisms, maintenance processes and other support activities, appropriate statistical approaches must be selected to quantify their effects. The first part of this paper reviews the technical challenges for the offshore oil and gas industry from the reliability and maintainability performance perspective in the Arctic region. The second part of this paper reviews the available appropriate statistical approach for reliability and maintainability performance analysis under Arctic conditions.