A heave compensation and riser tensioning system and method for an offshore drilling or production operation. The system includes at least one motor assembly, wherein the motor assembly further includes at least one motor; a drum assembly bracket; at least one wire drum; and at least one wire rope. The at least one wire rope has a first end fixedly attached to the wire drum, and a second end fixedly attached to a riser tension ring. The at least one motor is coupled to the at least one wire drum via a gear assembly.