Future offshore wind technology solutions will be floating to facilitate deep water locations. The EUH2020 funded project FLOTANT (Innovative, low cost, low weight and safe floating wind technology optimized for deep water wind sites) aims to address the arising technical and economic challenges linked to this progress. In particular, innovative solutions in terms of mooring lines, power cable and floating platform, specifically designed for floating offshore wind devices, will be developed and tested, and the benefits provided by these components assessed. In this paper a purpose-built Failure Modes and Effect Analysis (FMEA) technique is presented, and applied to the novel floating offshore wind components. The aim is to determine the technology qualification, identify the key failure modes and assess the criticality of these components and their relative contributions to the reliability, availability and maintainability of the device. This will allow for the identification of suitable mitigation measures in the development lifecycle, as well as an assessment of potential cost savings and impacts of the specific innovations. The methodology takes into account inputs from the components developers and other project partners, as well as information extracted from existing literature and databases. Findings in terms of components innovations, their main criticalities and related mitigation measures, and impacts on preventive and corrective maintenance, will be presented in order to inform current and future developments for floating offshore wind devices.