Electricity generation from large offshore wind farms is being gradually accepted as a feasible solution to meet the rapid increase in energy demands. However, although the technology is progressing fast, a major drawback with offshore wind energy is the fact that offshore wind farm installations are still much more costly than their land-based counterparts. Among other issues, this cost discrepancy is in large part due to the increased turbine size, complexity, installation and connection to shore over long distances. It is then clear that costs have to be reduced significantly to facilitate offshore wind development. Hence, this report aims to provide insight on how the development of enhanced control systems can contribute significantly in reducing the life-cycle cost of energy from offshore wind farms by using a holistic analysis approach with the focus on overall system performance. The main issues associated with each subsystem and how they interact, are discussed.