The development, testing and validation of a two-fluid transient flow model for simulating outflow following the failure of high pressure CO2 pipelines is presented. Thermal and mechanical non-equilibrium effects during depressurisation are accounted for by utilising simple constitutive relations describing inter-phase mass, heat and momentum transfer in terms of relaxation to equilibrium. Pipe wall/fluid heat exchange on the other hand is modelled by coupling the fluid model with a finite difference transient heat conduction model. The two-fluid transient flow model's performance is tested by comparison of the predicted transient pressure and temperature profiles along the pipeline against those based on the simplified homogeneous equilibrium model (HEM) as well as real data captured during the full bore rupture of a 260m long, 233mm internal diameter pipeline containing CO2 at 36bara and 273°C. The two-fluid model is found to produce a reasonably good degree of agreement with the experimental data throughout the depressurisation process. The HEM based flow model on the other hand performs well only near the rupture plane and during the early stages of the depressurisation process.