This paper introduces a preliminary risk assessment method carried out on a newly developed floating power plant. The small-scale floating power plant has been developed to provide electric power for areas on demand, and this is a kind of a new concept system which is not clearly classified in the maritime industry. To grant the feasibility for this novel system design, a set of risk assessment activities is essentially required, and in this context, a hazard identification (HAZID) study is conducted at the very early stage of the plant design. The aims of this HAZID study are to verify the inherent safety of the initial plant design and to provide any recommendations on the next design stages. For this purpose, the potential hazards are identified in view of personnel, structural, and asset effects in association with the operation of the power plant and all the identified hazards and relevant risks are assessed with the defined criteria using a simple risk matrix. As a result, the risk or safety level of the conceptual plant design is estimated, and some design changes are suggested to give a better balance between the safety and the cost of the plant system. Overall, this paper shows how the primitive risk assessment techniques are utilized as a practical engineering tool in the development of the marine system.