The full life cycle approach to risk acceptance is proposed as the basis for establishing of acceptance criteria for the temporary phases, i.e., onshore and offshore construction as well as installation. The background for such criteria is discussed, as well as evaluations that may be used to formulate risk acceptance criteria in the construction and installation phases. The criteria are focused on personnel safety. Environmental spill protection and protection of assets are also addressed, but less extensively. FAR or AIR values are used to express tolerable personnel safety, whereas the acceptability of exposure of the investment is expressed in terms of acceptable probabilities of accidents with significant effect on the project time schedule, i.e., the possibility to delay significantly the start-up of the production phase. The approach is based on an ALARP principle.