KNOT Offshore CEO/CFO John Costain Steps Down

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. We are very pleased with the development of the partnership during his tenure and we wish him the very best in pursuing other business opportunities.”

According to company sources, the Partnership’s earnings for the fourth quarter of 2018 will be affected by the completion of the planned 5-year special survey drydockings of both the Torill Knutsen and the Ingrid Knutsen.

The Torill Knutsen was back on charter on October 5, 2018 after finalizing her first special survey and incurring approximately 18 days of offhire in total.

The Ingrid Knutsen went offhire on November 1, 2018 in order to complete her planned 5-year special survey drydocking and was back on charter on November 22, 2018, incurring approximately 21 days of offhire.