The aim of this study is to look into the current information surrounding decommissioning and life extension strategies in the offshore wind sector and critically assess them to make informed decisions upon completion of the initial design life in offshore wind farms. This was done through a two-pronged approach by looking into the technical aspects through comprehensive discussions with industrial specialists in the field and also looking into similar but more mature industries such as the Offshore Oil and Gas sector. For the financial side of the assessment, a financial model was constructed to help portray a possible outcome to extend the life for a current offshore wind farm, using the existing data. By employing a techno-economic approach for critical assessment of life extension strategies, this study demonstrates the advantages and disadvantages of each strategy and looks to inform the offshore wind industry the best course of action for current wind farms, depending on their size and age.