This paper presents an asset model for offshore wind turbine reliability accounting for the degradation, inspection and maintenance processes. The model was developed based on the Petri Net method which effectively captures the stochastic nature of the dynamic processes through the use of appropriate statistical distributions. The versatility of the method allows the details of the degradation and maintenance operations to be incorporated in the model. In particular, there are dependent deterioration processes between wind turbine subsystems; complex maintenance rules; and the incorporation of condition monitoring systems for early failure indication to enable replacement prior to failure. The purpose of the model is to predict the future condition of wind turbine components and to investigate the effect of a specified maintenance strategy. The model outputs are statistics indicating the performance of the wind turbine components, these include the probability of being in different condition states, the expected number of maintenance actions as well as the average number and duration of system downtime under any maintenance strategy.