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The Underwater Current Power Turbine (UCPT) is a novel vertical axis underwater current power turbine designed to operate even in very low flow of less than 0.5m/s and multidirectional conditions developed at the Center for Maritime and Offshore Studies of Federal University of Petroleum Resources, Effurun, Nigeria. The prototyped concept was deployed for testing in river Ethiope of Nigeria between 2018 and 2020. During the test phase, several components were examined and data gathered. Based on the data collected and expert judgment, the turbine blades were identified as the most critical component of the power turbine. Usually, prior to the actual product development in engineering, analyses on prototype performance and reliability are often carried out. In this work, the theory of conditional probability is incorporated into a revised FMEA, in an attempt to decrease subjectivity when analyzing the most crucial and risk-prone components of the UCPT. The use of interval probability is applied to manage the uncertainties. With this approach, the failure risk of the UCPT vanes is accessed more objectively and precisely, and the best comparison of risks between products and processes across all system levels is facilitated.