The paper presents a cause-and-effect analysis of the failure of a 130 MWt gas-fired water boiler. The fault was a rupture of the helically finned tubes in the first rows of the second-stage water heater (ECO2). The high frequency of failures forced the boiler user to investigate their causes. The rapid drop in water flow in the ECO2 and the tightly finned pipes suggested that the permissible operating temperature of the steel used was exceeded. The only possible way to assess the working conditions was through a CFD simulation of the operation of the ECO2. Validated with the data acquisition system, the results show that the main reason for the failure was the overheating of the first rows of finned water heater pipes, regardless of the boiler load. The high heat flux value, exceeding 500,000 W/m2, and the increased flue gas temperature in front of the ECO2, almost reaching 900 °C, affected the appearance of the boiling film, limiting the cooling of the tube wall. Heat radiation and eddies behind the tubes significantly impacted the non-uniform temperature distribution, resulting in high pipe wall stress. By analyzing the service life of the first row of pipes based on the Larson–Miller parameter, it was concluded that the pipes would fail after only a few tens of hours.