This paper describes a comprehensive life cycle cost (LCC) analysis procedure, regarding turbomachinery systems for offshore oil and gas production platforms. The LCC analysis includes the development of a cost breakdown structure, the selection of costs models, data gathering and treatment model allocation and development of the life cycle costs profile, and finally, the life cycle cost assessment. An important step is the analysis of the reliability, availability and maintainability of the plant which quantifies the potential production losses relative to the plant availability. A dilemma that, very often, challenges rotating machinery engineers is how to make a decision between mechanical and electric drives for the main platform compressors. Usually, about 50 percent of the power requirement of a platform is used for gas compressing. A case study is conducted to evaluate among different driving solutions and also to demonstrate the cost reduction and optimization potential. It can be observed that the production losses are critical for the overall outcome.