Purpose-The purpose of this paper is to propose a quantitative model for risk-based maintenance and remaining life assessment for gas turbines.

Design/methodology/approach-The proposed model uses historical failure and repair data from the operation of gas turbines. The time to failure of gas turbines is modeled using Weibull distribution.

Findings-The total risk is estimated considering replacement cost, repair cost, operation cost, risk of failure and turbine remaining value after a specified period of time.

Originality/value-The model is an effective tool to make optimal decisions regarding maintenance strategy (repair or replacement) and to assess the remaining life based on a comparison of the total risk. The literature review focusses on developing different models to make risk-based decisions regarding the selection of a maintenance strategy and maintenance interval, however, literature is silent regarding risk-based assessment of the equipment remaining life, which is the focus of present work. The model is tested and applied to ageing gas turbines in a cross-country pipeline.