A crucial component for unmanned underwater vehicles (UUVs), including remotely operated vehicles (ROVs) and autonomous underwater vehicles (AUVs), are the thrusters, which, in addition, are sensitive to damage during operations in harsh environments. This paper presents a study on the impact of incipient faults on the performance of thruster propellers used in offshore operations. The study evaluates the reduction in propeller performance due to wear and tear under realistic working conditions. The study employs a combination of experimental data analysis and signal processing techniques, including fast Fourier transforms and harmonics analysis, to identify faults and assess their severity. The results show that worn propellers can be identified through 5th-order harmonics and rotational velocity changes. The paper concludes with a proposal for future research using a model-based approach to enhance fault detection capabilities further.