The electrical field signature method is a non-intrusive monitoring technique for monitoring of deterioration in pipelines and metallic structures. Systems using this technique have been installed topside on offshore platforms since 1991, and subsea since 1994. The first subsea system was installed on a 12" pipeline close to the Fray platform in the Norwegian sector of the North Sea. This system was a result of the development project for adaptation of this monitoring technique to subsea applications. The purpose of the installation was both for full-scale system testing and monitoring of internal corrosion. The platform and pipeline was shut down in March 2001, and in June 2002 the whole pipe spool, including the instrumentation, was retrieved. This led to a unique possibility to examine all parts of this monitoring system and compare the readings with the actual corrosion in the pipe. System parts of special interest for examination will be those attached to the pipe and also components believed to have life limitations such as hydro-acoustic transducers and wet mate-able connectors. This paper presents results from the evaluation of the system and the accuracy of the measurements when compared with the actual corrosion in the pipe.