Horizontal Directional Drilling (HDD) technology is a highly complex process connected with high risk and uncertainty due the high variability underground strata, often limited access to specialised equipment, dynamic natural environment, technical disruptions, human factor and changes in economic environment that further complicate the gathering of reliable information and data. This work presents a new risk evaluation model tailored for HDD technology, in which failure mode and effect analysis (FMEA) modelling were applied. This paper focuses on 15 human risk factors and 9 equipment risk factors in HDD technology. The proposed approach takes into account not only the probability of the risk factor occurrence, but also its severity and the possibility of detecting faults, which were not clearly separated and analyzed in the previous works. Application of the proposed model shows the relationship between occurrence, severity and detection for the analyzed failures. Moreover, many detection possibilities for the identified failures were presented. The calculated risk priority numbers allowed to rank HDD failures and identify the most critical risks for which one should look for risk treatment possibilities beyond risk cause reduction, such as risk effect reduction, risk transfer, risk elimination or active risk retention.