The evaluation of the structural strength of an offshore pipeline after 25 years of service is an important issue for extending its lifespan. This is an important environmental and economic issue, especially when the pipeline is related to the oil and gas industry. Remaining strength after corrosion effects are included in the performance equation and can be determined by using maximum operating pressure and capacity equations. The results are then compared from burst test results. In this study, Bayesian updating of probability of failure is used to evaluate the updated probability of failure. The performance equations from the two main codes on corrosion used in this study are B31G and DNV-RP-F101 and they are used validate the results. The sensitivity analysis of the variables such as defect depth and thickness is considered in the analysis. This method could be adopted for evaluating the service life extension and evaluation of pipelines working under extreme environments. FORM and Monte Carlo simulations will be used to determine the updated probability of failure. The method could be used for many engineering structures where either practical approaches are not feasible to determine the remaining life of the structure or the uncertainty of the expected results is too high. The evidence concluded in this study could be used by industry to enhance our understanding of the mechanisms for pipeline failure and processes necessary for its preservation. © IAEME Publication