Recent activities in the oil and gas industry have shown an increasing need for monitoring engagements, such as in shipping, logistics, exploration, drilling, or production. Hence, there is a need to have asset management of these offshore assets (or facilities). Much of the offshore infrastructure is currently approaching or past its operational life expectancy. The study presents an overview on asset management of offshore facilities towards monitoring, safe practices, maintenance, and sustainability. This study outlines the major considerations and the steps to take when evaluating asset life extensions for an aging offshore structure (or asset). The design and construction of offshore structures require some materials that are used to make the structural units, such as offshore platform rigs, ships, and boats. Maintaining existing assets in the field and developing new platforms that are capable of extracting future oil and gas resources are the two key issues facing the offshore sector. This paper also discusses fault diagnosis using sensors in the offshore facilities. The ocean environment is constantly corrosive, and the production activities demand extremely high levels of safety and reliability. Due to the limited space and remote location of most offshore operations, producing cost-effective, efficient, and long-lasting equipment necessitates a high level of competence. This paper presents the guidelines on asset monitoring, sustainable maintenance, and safety practices for offshore structures. In this study, the management of offshore structures were also presented with some discussions on fault monitoring using sensors. It also proposes sustainable asset management approaches as guidelines that are advised, with policy implications.