This paper focuses on how on-going energy demand, shift in water depth and heavy crude oil type are creating huge obsolescence issues especially software in the offshore oil and gas industry. The aim is to identify and quantify software obsolescence using a novel framework developed to evaluate major software types, their associated obsolescence impact and risk exposure, cost implications, and resolution qualification. Validation of the framework confirmed the role of the framework for life cycle support and guidance related to software obsolescence. The tool can be used for engineering and procurement contracts thereby reducing capital and operating expenditure.