This paper reviews the phenomenon of the steady tilt of a semisubmersi
ble from the point of view of the theory of bifurcation. The problem i
s similar to that of the buckling of an elastic structure, with the wa
ve amplitude playing the role of the critical load. Depending on the w
avenumber, the bifurcation can be ''subtle,'' as in the case of a Eule
r beam, or ''catastrophic,'' as in the case of shells and arches. Expe
rimental results on a simplified submerged structure show very good ag
reement with the theoretical prediction from the viewpoint of second-o
rder wave theory.