Traditionally, industrial services have been mainly transaction-based, i.e., the equipment user pays the service provider for getting a job done or providing assistance and support for equipment operations. Recently, a trend has emerged of increasing the relational perspective of these services, which are becoming more oriented towards customer value and service performance levels. Among these emergent industrial services, performance-based services represent an opportunity for equipment manufacturers to transform their service offerings towards more relational and customer-oriented services. The purpose of this work is to study the design of a generic performance-based maintenance service under a novel perspective given by systems engineering. This paper is intended to serve as a starting point to fully understand this type of services and to develop a method that can support equipment manufacturers who wish to advance their service offerings.