Knot Offshore Partners News

Shuttle tanker owner KNOT Offshore Partners will appoint Derek Lowe as new Chief Executive Officer and Chief Financial Officer with effect from the week of September 11, 2023.The new appointment comes following the decision of Gary Chapman to step down as the Partnership’s CEO/CFO announced on April 10, 2023. Lowe will join the KNOT Offshore Partners from Telford Offshore, a provider of accommodation, construction, and pipelaying in the global offshore energy services industry. He has served as the Group Company Secretary of Telford Offshore since its formation in 2018, having provided consultancy services to its predecessor since 2015. He worked from 2011 to 2015 for the debt capital markets group of Pareto Securities, and from 1994 to 2010 for the equity capital markets group of UBS. Mr.

Edward Schwarz, Vice President for ABB Marine and Ports, received the United States Merchant Marine Academy’s Rear Admiral Lauren S. McCready Award as the 51st recipient.Edward A. Waryas, Jr., Board Member for NYSE-traded KNOT Offshore Partners, LP as the 43rd recipient of the award and co-chair of the award’s committee made the announcement.The Lauren S. McCready Award is intended to recognize graduates of the United States Merchant Marine Academy who have made significant technical…

UK-based KNOT Offshore Partners has announced that John Costain has decided to step down as CEO and CFO of the partnership."Although Costain is resigning in order to pursue other interests outside of the partnership, he will be available for the partnership until 31 May 2019," said a press release from the publicly-traded master limited partnership, which , operates and acquires shuttle tankers under long-term charters in the offshore oil production regions of the North Sea and Brazil."This ensures that the Board has sufficient time to find a suitable replacement to Costain when he steps down," it added.The release quoted Trygve Seglem, the Chairman of the Board as saying: "On the behalf of our board, I would like to thank John for his significant contribution and dedication to KNOP.

KNOT Offshore Partners LP announced that its wholly owned subsidiary, KNOT Shuttle Tankers AS, has acquired all of the ownership interests in KNOT Shuttle Tankers 32 AS, the company that owns and operates the shuttle tanker Brasil Knutsen, from Knutsen NYK Offshore Tankers AS. The acquisition is for an aggregate purchase price of $96.0 million, less $59.0 million of outstanding indebtedness under the secured credit facility related to the vessel, less approximately $35.2 million for a loan owed by KNOT 32 to Knutsen NYK, plus certain capitalized fees related to the financing of the Brasil Knutsen. Upon closing of the Acquisition, KNOT 32 repaid the Company Liquidity Loan in full.

KNOT Offshore Partners says it has entered into agreements to acquire from Knutsen NYK Offshore Tankers AS all of the ownership interests in the companies that own and operate the shuttle tankers 'Hilda Knutsen' and 'Torill Knutsen'. At the same time KNOT announce the public offering of 4,600,000 common share units. The purchase price of the Hilda Knutsen is $166.0 million, net of $109.6 million of outstanding indebtedness related to the vessel. The purchase price of the Torill Knutsen is $169.0 million, net of $112.1 million of outstanding indebtedness related to the vessel. The two shuttle tankers are operating in the North Sea under time charters with Eni Trading & Shipping S.p.A.

KNOT Offshore Partners LP say they have fixed with Brazil Shipping I Limited (an affiliate of BG Group) the time charter of the crude oil/shuttle tanker 'Windsor Knutsen'. The hire rate for the initial term of two years is in line with the rate in the existing charter with BG, which has options to extend the term of the charter for three additional one-year periods. The charter will commence in or around the fourth quarter of 2015. If all three extension options are exercised, the Windsor Knutsen will operate for BG until the end of 2020. The shuttle tanker will operate in Brazil. BG has recently notified the KNOT Partnership that the Windsor Knutsen will be redelivered under its existing charter at the end of July 2014.

KNOT Offshore Partners reports net income of $7.9 million and operating income of $10.0 million for the fourth quarter of 2013, as compared to net income of $1.5 million and operating income of $5.7 million for the same period in the prior year. They add that all vessels operated well throughout the quarter with 98.5% utilization (3.5 days offhire). Operating income increased by $4.3 million and finance expenses decreased by $1.5 million in the fourth quarter of 2013 compared to the fourth quarter of 2012.

Shuttle tankship owners and operators KNOT Offshore Partners report net income of $6.4 million and operating income of $9.4 million for the third quarter of 2013, as compared to net income of $0.2 million and operating income of $9.1 million for the same period in the prior year. On November 14, 2013, KNOT Offshore Partners paid a quarterly distribution of $0.4350 per unit with respect to the quarter ended September 30, 2013. This corresponds to a distribution of $1.74 per unit on an annual basis.