© 1995 by The International Society of Offshore and Polar Engineers.Stochastic models can be used efficiently in order to model the uncertainties in the activity cost and schedules of the offshore platform construction projects. However, they have some disadvantages. For example, the Program Evaluation and Review Technique (PERT) which is a Level II model, will introduce additional bias problems in the estimation of the activity duration. Level III stochastic models (e.g. Monte Carlo simulation), which are developed to avoid the bias problems of the PERT require lots of computational efforts. In this study, the available stochastic models used in the determination of the optimum time and cost trade-off of the offshore construction projects are compared with respect to their efficiencies. Monte Carlo simulations of the network are performed and a network planning model is suggested. These models are applied to Gulf of Mexico offshore platform (Bullwinkle) project.