The objective of this paper was to develop a statistical model for the time-variant corrosion diminution of subsea pipelines. For this purpose, the measurement database of corrosion wastage in subsea pipelines was collated. The formulation of corrosion damage was characterised based on the collated database in which the best fit function was investigated using statistical analysis. A formula was thus derived as a function of time for predicting the time-variant corrosion diminution of subsea pipelines. This study is a subsequent result of an earlier work published by Mohd et al., [1], whereby the corrosion of subsea gas pipelines has been formulated by a 3-parameter Weibull function