A new boundary element (BEM) formulation is proposed for wave load analysis of submerged or floating bodies. The presented formulation, through establishing an impedance relation, permits the evaluation of the hydrodynamic coefficients (added mass and damping coefficients) and the coefficients of wave exciting forces systematically in terms of system matrices of BEM without solving any special problem, such as, unit velocity or unit excitation problem. It also eliminates the need for scattering analysis in the evaluation of wave exciting forces. The imaginary and real parts of impedance matrix give, respectively, added mass and damping matrices whose elements describe the fluid resistance against the motion of the body. The formulation is explained through the use of a simple fluid-solid system under wave excitations, which involves a uniform fluid layer containing a solid cylindrical body. In the formulation, the solid body is taken first as deformable, then, it is specialized when it is rigid. The validity of the proposed method is verified by comparing its result with those available in literature for rigid submerged or floating bodies.