These deflections should be considered as a displacement fatiuge type stress... the ship as it "works" in the seaway will bend (or else it will break) (I'll try to post an amazing pictue of a Great Lakes Ore Freighter working through a Novemebr Gale here in the Great Lakes of the U.S.A.)
Anyhow the big question is how many cycles N that should be accounted for. If for instance you want to go down to the endurance limit your allowed stress would be very, very, small.
FPSO is usually designed to Norske Veritas specs FPSO is basically a ship board refining process unit... FPSO stands for Floating Production Storage and Offloading see....
http://en.wikipedia.org/wiki/Floating_Production_Storage_and_OffloadingFiberglass is flexible but also like anything else has its limits....
About the MV Selkirk...
http://www.clydesite.co.uk/clydebuilt/viewship.asp?id=628