SBM Offshore saw its profit and revenue increase significantly in the first half of 2022 and predicts this upswing will continue over the rest of this year amid a buoyant upstream oil and gas market.

The Netherlands-based player is benefiting from booming demand for floating production, storage and offloading vessels, despite ongoing supply chain issues and inflationary pressures caused by Covid 19-related shutdowns in China and the effects of the Ukraine war.