Floating production giant SBM Offshore said it is facing a host of Covid-19-related challenges in the execution of its floating production, storage and offloading vessel projects, but its overall project portfolio remains financially "robust and competitive".

The Amsterdam-headquartered company said in its latest quarterly report that it is currently building five major FPSOs — Liza Unity, Sepetiba, Prosperity, Almirante Tamandare and Alexandre de Gusmao — and its net debt has increased to US$5.1 billion, driven by investments in these projects.