The study evaluated the risk of hazards in shipwreck removal operations in Nigeria waterways. The objective of the study was among other things, to determine the determinant risk/hazard types influencing shipwreck removal operations in Nigeria waterways and the relative influences of the individual risk types. The study used a mixed method in which both primary and secondary data were used for the study. Primary data on the risk scores of the identified categories of risks of hazards affecting shipwreck removal operations was obtained from survey administered to the staff of Hurmer Marine Werks Ltd, the salvage company used as case study. The primary data was obtained by the use of a checklist administered to randomly selected sample of the staff of Hurmer Marine Werks Limited, Port-Harcourt, Nigeria. Secondary data was obtained from the records maintained by the safety department of the company, over the years. The statistical methods of major component factor analysis, and multiple regression analysis were used to analyze the data obtained. The analysis was implemented by the use of the SPSS version 20.1 statistical software. The result of the study indicates that technical risks/hazards, security risks and operational risk each with Eigen value greater than 1 (Eigen>1), significantly influence shipwreck removal operations and as a result form the determinant risk of hazards associated with shipwreck removal operations in Nigeria’s waterways. The implications on policy development were discussed and recommendations were preferred on the basis of the research findings.