Floating wind turbines are subject to significant stress and load due to hostile marine conditions and the weather conditions in their location. The specificities of floating wind turbines lead to an increased degradation of some components compared with bottom-fixed offshore wind turbines. The floating technology is in an incipient stage and, therefore, there is not enough data to statistically calculate the deterioration mechanism of their components. In this paper, we employ qualitative and quantitative information on onshore and fixed-bottom offshore wind turbines to model the degradation of three main differential components of floating wind turbines, i.e. tower and transition piece, floating platform, and mooring system. A homogeneous Gamma-based deterioration process is proposed to model the degradation of components degradation. A Ridge regression is used to estimate the scale parameters of Gamma deterioration processes for each component in floating wind turbines.