This paper presents a review on condition assessment of some of the most critical components in the power grid today, such as transformers, rotating machines and cables and their accessories. The main purpose is to identify methods that can be applicable for high voltage equipment for subsea use. The question addressed is what diagnostic tools should be used to detect apparatuses with a high probability of failure during service.It is shown that today, only distributed temperature sensing systems are used for subsea applications. At the same time, the majority of condition assessment techniques used onshore can be adjusted for subsea use, particularly methods applicable for on-line monitoring.