This paper proposes the application of generation adequacy analysis for reliability evaluation of an insulated power generation system that supplies a FPSO (Floating Production Storage and Offloading) oil and gas production platform. The frequency and duration method was adopted for generating system reliability evaluation. The historical reliability data of the floating production storage and offloading platform power system and the continuous Markov process are used to determine the generator’s reliability model. The load model was also based on the platform daily peak load variation curve. The system risk indexes were obtained using Monte Carlo simulation. Two system scenarios were simulated using different failure data for one of the generators and the software PowerFactory© has been used as a tool for this simulation. For a complete generation system modeling, frequency and duration methods were developed to calculate the probabilities, frequencies and duration of the system states. Numerical results are presented and discussed to demonstrate the applicability of the proposed method.