The objective of this study is to present an integrated stochastic approach for quantifying the risk of oil spill in marine waters and adjacent coasts. This was achieved via the effective cooperation between the National Technical University of Athens (NTUA) and the Bogazici University (BU) within the framework of a bilateral joint research project. The proposed methodology integrates four models: (1) a physics-based hydrodynamic model (HYM) which computes the spatial distribution of surface water currents as the main driving force for oil transport, (2) an expert-based accident assessment model (