Life extension of ageing floating production facilities can be an effective way to maximize profitability of mature assets by extending production and offset decommissioning expenditures, increasing profitability. Utilizing existing assets can be also an option to develop and tie-back new marginal fields in a more economical way rather than develop new large greenfield facilities. Nonetheless, the benefits of extending the life of the production system might be reverted not only due to the installed capital cost of replacement of a mooring system, but also due to loss or deferred production. The presentation describes a holistic approach for assessment of the mooring system in order to achieve the intended performance of the asset, taking into consideration not only the system design but also the knowledge accumulated during the original operational life of the legacy system.