This project aims to develop a framework that will integrate data collected and recorded through a Structural Health Monitoring (SHM) system for marine energy converters, in order to estimate reliability levels at component and system level in real time and evaluate its ability to further fulfil its intended function. Obtaining a more well-informed understanding of the actual state of the system, alternative operational strategies can be adopted, particularly taking into consideration its residual capacity after extreme environmental events, optimizing its inspection and maintenance scheduling and hence reducing the OPEX. Application of the developed framework on an existing prototype wave device, already developed by the Chinese partners, will allow its validation and extension to future applications. This reference case will be employed in order to classify its components and determine potential failure modes and limit states to assess failure. From the key failure mechanisms that will be identified, arrangements for Structural Health Monitoring will be proposed obtaining data from relevant measurements (ie strains and accelerations) that can then inform the reliability evaluation in real time, updating its operational strategy, particularly taking into consideration residual capacity after extreme environmental events. Outcome of the project will be a generic framework applicable to a range of marine energy devices.