Creating a successful service offering for a physical product and implementing the services require extensive information exchange across the boundaries of the service provider and client organisations. A change from a transaction-to-relationship-based service model calls for new capabilities from the product manufacturer. This change, however, also offers new possibilities for the utilisation of lifetime information in a more effective way. Product lifetime information has several purposes of use including the development, management and implementation of services. Additionally, the manufacturer providing services has the advantage of efficiently utilising the accumulated information in the product development. The basic idea for the service provider is to create added value by processing, analysing and converting the gathered data into knowledge that can be utilised in providing better services. Thus, the asset owner will benefit from sharing the information by receiving better managed and implemented services resulting in improved equipment efficiency. Sharing relevant lifetime information calls for transparency from all parties involved. Building the kind of framework presented in this paper for the shared information content and procedures for the utilisation of the information will help in clarifying the common objectives in the relationship between the customer and service provider.