A step change is inevitable in maintenance and equipment management strategy to mitigate risk for failures. This paper presents the assessment tool developed based on the statistical approach by the probability analysis to access the reliability and remaining life of heat exchanger tube bundles. The assessment includes data sanitization involving screening, classification and validation of tube testing data. Subsequently, statistical analysis of the probability of failure, remaining life and the risk matrix on the heat exchanger tube bundle are determined. The case study for this paper includes 57 heat exchangers operated in petrochemical plant, with the healthiness of the equipment was assessed and discussed. The findings indicated that 22 (38) out of 57 heat exchangers required high focus and priority in maintenance plan, cleaning and inspection during next opportunity. The results could be used for inputs in planning schedule for heat exchanger management to ensure effective maintenance strategies to prevent equipment failure. © Institute of Technology PETRONAS Sdn Bhd (Universiti Teknologi PETRONAS) 2024.