A statistical methodology is disclosed to provide time-to-event estimates for oilfield equipment. A method according to the present invention extracts unbiased information from equipment performance data and considers parameters interactions without recourse to data thinning. The analysis explicitly accounts for items of equipment that are still operational at the time of analysis. A method according to the present invention may also be utilized to apply survival analysis to any oilfield equipment components where time-to-event information has been recorded. The method of the present invention allows comparative reckoning between different components present in the system comprising several or many individual components and allows analysis of these components either individually or simultaneously, i.e., in the presence of other components.