This paper investigates the intact and damage survivability of a floating–moored Oscillating Water Column (OWC) device using physical model experiments and Computational Fluid Dynamics (CFD) simulations. Different extreme wave conditions have been tested using irregular and regular wave conditions. The device was moored to the tank floor via four vertical taut lines and the effect of the mooring line pre–tension on the device response was studied. It was found that the instantaneous position of the floating device was a key factor in the survivability analysis such that a certain irregular wave train that might not include the largest wave could induce the maximum response. Reducing the pre–tension minimized the maximum surge, but significantly increased the maximum tension due to mooring slack events causing snatch loads. A design regular wave with a period equal to the peak period and a height of 1.9–2.0 times the significant wave height could reasonably predict the same maximum line tension as the irregular sea state, but a smaller wave height was required to achieve the maximum surge. A single failure in the mooring system increased the maximum tension by 1.55 times the intact tension. For a damaged mooring system, using the same design regular wave condition derived from the survivability analysis with an intact mooring system could result in overestimating the maximum tension by more than 20% in comparison to the tension from the irregular sea state, but a smaller regular wave height or a different regular wave condition representing another sea state could lead to the same maximum tension. This highlighted the importance of investigating survival conditions with a damaged mooring system instead of simply using the same conditions derived for the intact mooring system.