The offshore plant equipment usually has a long life cycle. During its O&M (Operation and Maintenance) phase, since the accidental occurrence of offshore plant equipment causes catastrophic damage, it is necessary to make more efforts for managing critical offshore equipment. Nowadays, due to the emerging ICTs (Information Communication Technologies), it is possible to send health monitoring information to administrator of an offshore plant, which leads to much concern on CBM (Condition-Based Maintenance). This study introduces three approaches for predicting the next failure time of offshore plant equipment (gas compressor) with case studies, which are based on finite state continuous time-Markov model, linear regression method, and their hybrid model.