Cylindrical shells are one of the major structural components in offshore engineering world. Researchers had rigorously investigated the underlying mechanisms of this category of structures and predicted the structural behaviour under various loading conditions. Many of these closed form relations in terms of the basic geometrical and material design parameters predicts the behaviour reasonably accurate. Rule based design codes like DNV (Det Norske Veritas); API (American Petroleum Institute) etc. are also available for the assessment of structural capacity for the stiffened cylindrical structures under different loading conditions. A modified version of a strength model which was proposed earlier for ring, stringer and orthogonally stiffened cylindrical shells. A large population of experimental data are used to compare the accuracy of the proposed strength model and other major practicing codes. The mean and COV of model uncertainty factor of the proposed strength model is used for the comparison between different strength models and is used in the limit state function for reliability analysis. A structural reliability analysis has been performed based on the proposed strength model using a general purpose computer code. The above structural reliability method can be practically applied to a very few standard structural components where there exist a sufficiently robust analytical model for the structural responses.