KNOT Offshore Partners LP : First Quarter 2025 Earnings Presentation

Published: 2025-05-21 09:37:08 ET KNOP

Published on 05/21/2025 at 09:37

@ KNOT

1Q 2025

OPshore Partners LP

1Q 2025 financial headlines include:

Revenues: $84.0m

Operating income: $23.4m

Net income: $7.6m

Adjusted EDITDA: $52.2m

Available liquidity on March 31, 2025: $100.8m, comprising $67.3m in cash and cash equivalents plus $33.5m of undrawn credit facility

Fleet operated with 99.5% utilization, taking into account the schedule for drydocking of the Raquel Knutsen and Windsor Knutsen (96.9% overall)

Cash distribution of $0.026 per common unit under 1099 structure was paid in May 2025

Continued tightening in market for shuttle tankers

Brazil: FPSO ordering continues and recent deliveries being made early

North Sea: Johan Castberg production start, following Penguins in February

Contractual backlog expanded (as at March 31, 2025)

$854m of fixed contracts averaging 2.3 years

Charterers' options average a further 4.7 years

Fleet of 18 vessels with average age 9.8 years

Continuing to repay debt at c.$90+m per year

Torill Knutsen

In January 2025, the final insurance claim payment was received in respect of repair work and loss of hire, which

had arisen from the breakage of a generator rotor in January 2024

Brasil Knutsen

On January 21, 2025, Petrorio exercised their option to extend the contract of the Brasil Knutsen for two periods of 30 days from May 1, 2025 and redelivery will be July 1, 2025. The vessel will commence on a new time charter with Equinor in the third quarter of 2025 for a fixed period of two years, with options for the charterer to extend the charter by two further one-year periods

Vigdis Knutsen

On January 24, 2025, Shell exercised their option to switch from time charter on the Vigdis Knutsen to bareboat charter. This change will take effect during or after July 2025. At the same time, the fixed duration of this charter was extended from 2027 to 2030, with the further addition of one charterer's option for two years.

Live Knutsen & Dan Sabia

On March 3, 2025, the Dan Sabia was sold and the Live Knutsen purchased via a swap transaction with our Sponsor, Knutsen NYK Offshore Tankers AS ('Knutsen NYK'), as set out on slide 6

Disclaimer

KNOT Offshore Partners LP published this content on May 20, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 21, 2025 at 13:36 UTC.