$11.230
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Noticias de KNOP
Eventos de KNOP
KNOT Offshore Partners Reports Strong Q2 2026 Performance, 97% Coverage for 2027
Derek Lowe, Chief Executive Officer and Chief Financial Officer of KNOT Offshore Partners LP, stated, "We are pleased to report another strong performance in Q2 2026, marked by safe operation at 96.8% from scheduled operations, 92.4% utilization when including drydockings, consistent revenue and operating income generation, opportunistic fleet management, and continued progress in extending our long-term charter coverage. As of the date of this release and including contractual updates since June 30, 2026, we are fully contracted for the second half of 2026, and have secured approximately 97% coverage for the first half of 2027 and approximately 87% coverage for the second half of 2027, in each case after allowing for scheduled dry dockings. We remain focused on further strengthening our fleetwide charter coverage and seizing those periodic opportunities that exist to re-charter vessels in the current tight market environment. We continue to see expansion of offshore oil production volumes and shuttle tanker demand in Brazil and the North Sea. Brazil, in particular, has set new records for both overall volumes and for the pace of production ramp-up at its newly deployed FPSOs. In the North Sea region, which importantly includes the Barents Sea, we have continued to see investment into both the development of newer projects and into the expansion of production capacity in existing fields, even where the specific energy majors developing those fields are changing."
KNOT Offshore Partners Acquires Knutsen Canadian Chartering for $24.4M
KNOT Offshore Partners announced that its wholly owned subsidiary, KNOT Shuttle Tankers AS, has agreed to acquire Knutsen Canadian Chartering AS, the company that owns the shuttle tanker, Hedda Knutsen, from Knutsen NYK Offshore Tankers AS. The purchase price is $113M, less $89.4M of outstanding indebtedness, plus $0.8M of capitalized fees related to the credit facility secured by the Hedda Knutsen. The initial cost of the Acquisition will therefore be approximately $24.4M, and is subject to customary post-closing adjustments for working capital. The Hedda Knutsen, a 154,000-deadweight ton DP2 Suezmax class shuttle tanker, was built by COSCO Shipping Heavy Industry and delivered in 2024. The vessel is operating in Brazil on a time charter with Petrobras, for which the current fixed period expires in November 2034, and for which the charterer holds an option for a further 5 years.
Partnership Announces $0.05 Cash Distribution per Unit
The Partnership announced that its Board of Directors has declared a quarterly cash distribution with respect to the quarter ended March 31, 2026, of 5c per common unit. This cash distribution will be paid on May 14, 2026, to all unitholders of record as of the close of business on April 27, 2026.
KNOP Achieves 99.5% Fleet Utilization in Q4 2025
Fleet operated with 99.5% utilization for scheduled operations in Q4 2025, and 96.4% utilization taking into account the scheduled drydocking of the Synnove Knutsen, for which the relevant off-hire period occurred during Q4 2025. Derek Lowe, CEO, stated, "We are pleased to report another strong performance in Q4 2025, marked by safe operation at 99.5% from scheduled operations, 96.4% utilization when including drydockings, consistent revenue and operating income generation, and material progress in the charter coverage outlook for our fleet. As of the date of this release and including contractual updates since December 31, 2025, we have now secured 98% of charter coverage for the first half of 2026, and approximately 88% for the second half of 2026, in both cases after allowing for scheduled dry dockings. We remain focused on further strengthening our fleetwide charter coverage and seizing those periodic opportunities that exist to re-charter vessels in the current tight market environment. In Brazil, the main offshore oil market where we operate, Petrobras exceeded the upper end of its oil production targets for 2025. This was driven primarily by the successful deployment of FPSOs focused in shuttle tanker-serviced fields, in multiple instances taking place ahead of schedule and reaching production levels in excess of their anticipated maximums. As a result, the world's biggest shuttle tanker market is both growing and materially tightening. The North Sea, our secondary geography, has also established some positive momentum as projects ramp up production in both the UK North Sea and, most significantly, the Barents Sea. While less dynamic than is the case in Brazil, these positive developments in the wider North Sea region are a welcome and notable change after a protracted period of relatively slack shuttle tanker demand. Against this backdrop, we continue to believe that growth of offshore oil production in shuttle tanker-serviced fields across both Brazil and the North Sea is on track to outpace shuttle tanker supply growth throughout the coming years. We are aware of newbuild shuttle tanker orders, including eight for Knutsen NYK, all of which are scheduled for delivery over 2026-2028. We anticipate that all these new orders are backed by charters to clients in Brazil, and see this as a sign of confidence in the medium-to-long term demand for the global shuttle tanker fleet. Particularly when considered in the context of the increasing numbers of shuttle tankers reaching or exceeding typical retirement age, as well as yard capacity constraints limiting material new orders into at least 2028, we anticipate that these newbuild deliveries will be readily absorbed by the expanding market for shuttle tankers. As the largest global owner of shuttle tankers, along with our Sponsor, and with a market-leading position in the fastest-growing shuttle tanker region of offshore Brazil, KNOP is well positioned to benefit from these trends throughout the coming years. Accordingly, our Board of Directors is keenly focused on optimizing the Partnership's value creation strategy and is actively weighing the available capital allocation alternatives with the intention of maximizing unitholder value in a sustainable manner over the long term."
Partnership Expects Favorable Outlook for Future Shipping Market
The company said, "As at December 31, 2025: the Partnership had charters with an average remaining fixed duration of 2.6 years, with the charterers of the Partnership's vessels having options to extend their charters by an additional 4.1 years on average and the Partnership had $929.8 million of remaining contracted forward revenue, excluding charterers' options and charters agreed or signed after that date. As at December 31, 2025, the nineteen vessels which comprised the Partnership's fleet had an average age of 10.2 years. During Q4 2025, fifteen of the vessels in our fleet operated in Brazil. The market for shuttle tankers in Brazil has continued to tighten, in particular for the Suezmax vessel class around which that market has increasingly consolidated, driven by a significant pipeline of new production growth over the coming years, a limited newbuild order book, and typical long-term project viability requiring a Brent oil price of only $35 per barrel. Following a protracted period of muted demand in the North Sea region, positive momentum has been regained with the 2025 activation and ramp-up of multiple FPSOs spanning from the UK North Sea to the Barents Sea. The North Sea development pipeline continues to expand as well, with the announcement of new discoveries and multi-year projects intended to further augment production across the region, including at both the Goliat FPSO and Johan Castberg FPSO. On October 31, 2025, the Partnership received an unsolicited non-binding proposal from KNOT, pursuant to which KNOT proposed to acquire through a wholly-owned subsidiary all publicly held common units of the Partnership in exchange for $10 in cash per unit. The Conflicts Committee of the Partnership's Board, which is comprised of only non-KNOT-affiliated directors, retained Evercore Group, Richards, Layton & Finger, and IGB Group as independent advisors to assist it in evaluating the KNOT Offer. The Conflicts Committee and its independent advisors reviewed the KNOT Offer carefully and held a series of discussions with KNOT regarding the potential transaction since receiving the proposal. Following such discussions, on March 19, the parties announced that they were not able to reach an agreement and have therefore terminated discussions regarding the KNOT Offer. Looking ahead, based on supply and demand factors with significant forward visibility and committed capital from industry participants, we believe that the overall medium and long-term outlook for the shuttle tanker market remains favourable. In the meantime, the Partnership intends to pursue long-term visibility from its charter contracts, build its liquidity, pursue accretive dropdown transactions supportive of long-term cash flow generation, and position itself to benefit from its market-leading role in an improving shuttle tanker market. The Partnership continues to believe that key components of its strategy and value proposition are accretive investment in the fleet and a long-term sustainable distribution."
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