A fixed, concentric, cylindrical oscillating water column (OWC) wave energy converter (WEC) is proposed for shallow offshore sites. Compared with the existing shoreline OWC device, this wave energy device is not restricted by the wave directions and coastline geography conditions. Analytical solutions are derived based on the linear potential-flow theory and eigen-function expansion technique to investigate hydrodynamic properties of the device. Three typical free-surface oscillation modes in the chamber are discussed, of which the piston-type mode makes the main contribution to the energy conversion. The effects of the geometrical parameters on the hydrodynamic properties are further investigated. The resonance frequency of the chamber, the power extraction efficiency, and the effective frequency bandwidth of the device is discussed, amongst other topics. It is found that the proposed OWC-WEC device with a lower draft and wider chamber breadth has better power extraction ability.