Are you sure you want to create safety calculations this way? As hinted by 25362, a substantial - if not the major - consideration is the failure (or lack thereof) of the pressure vessel (pipe,tank, riser...whatever you want to call it) itself. And once failure has occurred, the failure mode is important. Even if the material is the same, different vessels are manufactured differently and will fail differently. And I don't agree that only a "small portion" of the riser's stored energy will be released in a failure - once containment is lost, all energy will be released until the gradient is eliminated (i.e., pressure inside = pressure outside). After failure, it is the energy release over time that is important (e.g., the difference between a balloon popping versus a slow release), and you apparently believe that the differential energy release from the failed riser will be slow. Why? Do you have data on the riser construction's likely failure mode?
This is likely not the first undersea riser to be tested. Look for literature on similar projects, find the engineers that worked on them, and ask them how they determined a safety zone with respect to riser failure during a test.