Offshore Wind (OW) continues to grow globally at a rapid pace, with growth estimates of 630GW by 2050. To facilitate this rapid growth, costs must continue to be reduced. Reducing operations and maintenance (O&M) costs, which are estimated at 30% of the lifetime costs of wind farms, offers opportunity. This could be achieved by moving current maintenance strategies to a prescriptive strategy. Prescriptive strategies use the turbine monitoring data to determine component remaining useful lifetimes or predict failure windows and then provide an optimised maintenance plan. The first stage of a framework, that can be applied to operational assets, for improving maintenance schedules with failure predictions is presented. Analysis of the SCADA system and the maintenance logs, at an operational offshore wind farm (OWF), with the purpose of identifying turbine failure rates, availabilities and losses and costs from maintenance and failures has been performed. The analysis has revealed two types of maintenance actions, one is cost of maintenance driven and the other cost of downtime driven. It is proposed that, given different characteristics, they should be approached differently in the context of failure predictions. It is also revealed that electrical components are critical to the failure rate and energy losses due to maintenance at the OWF. Electrical components represent approximately 28% of all failures and nearly 40% of revenue loss due downtimes from failure for the period analysed. The power converters drive most electrical failures and are of key commercial interest to the farm. As a result, the power converters should be the target for future prognostic model development. The analysis also shows that with perfect prediction and maintenance scheduling, this OWF could generate an extra 0.26% revenue and a generic 1GW OWF could generate an extra 0.6% extra energy and approximately £1.4m in revenue. This analysis did not reveal the benefit of taking fewer maintenance actions, which should be assessed in future work. Producing a combined prognostic maintenance scheduling method will generate extra wind farm revenues, reduce the number of maintenance actions taken and facilitate the work of maintenance teams.