The present invention is a lubrication system for movable pins connecting pivotable structural members of a deepwater floating oilfield production platform. The lubrication provides adequate lubrication for easing movement of the pins and also for maintaining the long-term functionality of the pins by reducing the corrosion of the pin assemblies. The lubrication of each of the pins is provided by a closed loop circulation system that provides sufficient flow and pressure to establish hydrostatic bearings around the bearing surfaces of the pin-connected members that are being axially assembled and between pin-connected members that are being rotated relative to each other. The lubrication system provides for continuously lubricating a static pinned connection for the purpose of preventing water intrusion and subsequent corrosion. Furthermore, the lubrication system provides a means for ensuring the lubrication of the most highly loaded zones of a laterally loaded pin connection.