Risk management is seen as a critical organizational capability for gaining a competitive advantage in the construction sector. The importance of risk management in minimizing the impacts of external risk factors in construction projects, and therefore achieving project success, was investigated in this study. Using partial least squares structural equation modelling and survey data from 348 project members in oil and gas construction projects, the study statistically examined the relationships between external risk variables and project success. The findings show that, in cases where risk management plays a mediating role, effective risk management can minimize the influence of external risk factors on project success and, as a result, improve construction project success. Time overruns have the most significant impact on project performance, with a factor loading of 0.842, while risk analysis is the essential phase, with a factor loading of 0.851. In terms of risk management, the study contributes to closing a gap in knowledge on how external risk mitigation may help a construction project succeed. In contrast to the usual technique of establishing a sophisticated management system, it also gives new theoretical recommendations for employing project risk management to promote integration in construction companies.