This paper is devoted to the effect of corrosion on the gigacycle fatigue strength of a martensitic–bainitic hot rolled steel used for manufacturing offshore mooring chains for petroleum platforms. Smooth specimens were tested under fully reversed tension between 106 and 1010 cycles in three testing conditions and environments: (i) in air, (ii) in air after pre-corrosion and (iii) in air under real time artificial sea water flow. The fatigue strength at greater than 108 cycles is reduced by a factor more than five compared with non-corroded specimens. Fatigue cracks initiate at corrosion pits due to pre-corrosion, if any, or pits resulting from corrosion in real time during the cyclic loading. It is shown that under sea water flow, the fatigue life in the gigacycle regime is mainly governed by the corrosion process. Furthermore, the calculation of the mode I stress intensity factor at hemispherical surface defects (pits) combined with the Paris–Hertzberg–Mc Clintock crack growth rate model shows that fatigue crack initiation regime represents most of the fatigue life.