As a matter of opinion only, I'd say no. Based on the location (wet pit of wastewater treatment plant?) and other than the open enclosure which looks like work is in progress, the equipment looks to be in good condition. Surface rust and some corrosion of the ep switches, but no obvious serious rot.

A good cleaning and touchup paint and good to go.

The operator is blocking our view, but I think the conduit goes to the open box by his right knee.
I believe the square box with the round opening is an "explosion proof" junction box. As such, it really ought to be closed.
If I am right, then this is a good example of a maintenance issue.

My first thought was that box is a meter base.

We used to issue a "hot work" permit before opening an E-P enclosure. Even though the circuit itself was not "hot"
The area was "sniffed" to detect flammable vapors and an alarm was set in case a release of vapors occured during the work.

Check these out...
http://www.crouse-hinds.com/crousehinds/pdf/CH62318A-0217.pdf