A floating platform for recovery of oil and gas from offshore oil and gas fields includes a hull having a portion located substantially below the water surface, and including a portion thereof which extends above the water surface. The platform is anchored to the seabed by one or more tendons secured to the base of the hull and to the seabed. The payload capacity of the floating platform is increased without redesigning the structural design of the hull by attaching a column extension or mounting a detachable buoyancy module to the lower end of the hull for accommodating changing platform payload requirements.