Building six large floating production, storage and offloading vesssels all at once in the current climate has been challenging for the world’s leading FPSO company SBM Offshore, which nevertheless has reported a record pre-tax annual profit and backlog.

Chief executive Bruno Chabas said 2022 was a challenging year for the company, but praised its ability to achieve a good performance, with record underlying earnings before interest, taxes, depreciation and amortisation (EBITDA), driven by a strong backlog that also expanded to an end-of-year record following the award of the One Guyana FPSO.