Skirted spudcan foundations can provide a considerable bearing capacity and moment fixity for resisting the complex combined vertical, horizontal, and moment loadings arising from the harsh environment in the offshore oil and gas industry. These potential benefits are conducive to the extension of mobile jack-up drilling rigs into deep water. In this study, a series of probe tests were carried out using finite element analysis to investigate the effects of the skirt length and embedment depth on the bearing capacity of skirted spudcan foundations in soft clay under combined loading. The results indicate that both the skirt length and the embedment depth can significantly affect the behavior of a skirted spudcan and apparently improve the various bearing capacities under combined loading. As the skirt length and embedment depth increase, the failure envelope's size gradually expands and the failure envelope's shape changes accordingly. A spudcan with a skirt length of 0.25D embedded in about 2D of sediments is suggested to obtain an optimal application in practice. A closed-form algebraic expression was derived to interpret and predict the behavior of skirted spudcan foundations, which properly considers the effects of the skirt length and embedment depth.