The O&M (Operation and Maintenance) phase of offshore plants with a long life cycle requires heavy charges and more efforts than the construction phase, and the occurrence of an accident of an offshore plant causes catastrophic damage. So previous studies have focused on the development of advanced maintenance system to avoid unexpected failures. Nowadays due to the emerging ICTs (Information Communication Technologies) and sensor technologies, it is possible to gather the status data of equipment and send health monitoring data to administrator of an offshore plant in a real time way, which leads to having much concern on the condition based maintenance policy. In this study, we have reviewed previous studies associated with CBM (Condition-Based Maintenance) of offshore plants, and introduced an algorithm predicting the next failure time of the compressor which is one of essential mechanical devices in LNG FPSO (Liquefied Natural Gas Floating Production Storage and Offloading vessel). To develop the algorithm, continuous time Markov model is applied based on gathered vibration data.