Welcome to our dedicated page for KNOT OFFSHORE PARTNERS LP news (Ticker: KNOP), a resource for investors and traders seeking the latest updates and insights on KNOT OFFSHORE PARTNERS LP stock.
KNOT Offshore Partners LP (NYSE: KNOP) is a prominent publicly traded master limited partnership that specializes in owning, operating, and acquiring shuttle tankers. These vessels are essential for crude oil loading, transportation, and storage, operating primarily in the offshore oil production regions of the North Sea and Brazil. The company's unique business model focuses on long-term charters, ensuring consistent revenue streams and stable operations.
The partnership boasts a robust backing from its sponsor, Knutsen NYK Offshore Tankers (KNOT), a strategic joint venture between two globally renowned shipping groups—the Knutsen Group and the NYK Group. This collaboration provides substantial operational, administrative, and developmental support, bolstering KNOP’s market position.
KNOT Offshore Partners LP’s fleet is engaged in time charters and bareboat charters, ensuring versatile service offerings to its clients. KNOP has been structured in a way that optimizes tax efficiency and investor returns, filing as a 1099 entity. This structure is particularly attractive to investors seeking stable, tax-advantaged income from a sector with essential infrastructure.
Recent achievements include the acquisition of new shuttle tankers and securing long-term contracts with leading oil producers. These milestones position KNOP for sustained growth and resilience in the volatile energy sector. Financially, the company maintains a healthy balance sheet, with a strategic focus on leveraging its assets while controlling operational costs.
Keep an eye on KNOP for updates on new contracts, fleet expansions, and potential market opportunities stemming from its solid partnerships and operational expertise.
KNOT Offshore Partners reported Q3 2024 financial results with total revenues of $76.3 million, operating income of $17.2 million, and a net loss of $3.8 million. The fleet operated with 98.8% utilization for scheduled operations. The Partnership declared a quarterly cash distribution of $0.026 per common unit and $1.7 million for Series A Preferred Units.
Key developments include multiple vessel charter extensions and new agreements: Shell extended charters for Tordis Knutsen and Lena Knutsen until 2028 with options until 2031; new time charters were secured for Ingrid Knutsen, Hilda Knutsen, and Torill Knutsen. The Partnership completed a vessel swap, acquiring Tuva Knutsen while selling Dan Cisne. Available liquidity stood at $77.2 million, including $67.2 million in cash and $10 million in undrawn credit facility.
KNOT Offshore Partners LP (NYSE:KNOP) has announced its upcoming 3rd Quarter 2024 earnings results conference call, scheduled for Thursday, December 5, 2024. The financial results will be released before market opening, followed by a conference call at 9:30 AM Eastern Time. Investors can access the call via webcast through the company's website or by dialing specific numbers for US, Canada, and international participants. The earnings presentation will be available on the company's website, and a recording will be accessible until December 12, 2024.
KNOT Offshore Partners LP (NYSE:KNOP) has announced its quarterly cash distribution for the third quarter of 2024. The Board of Directors has declared a distribution of US$ 0.026 per common unit for the quarter ended September 30, 2024. This distribution will be paid on November 7, 2024, to unitholders of record as of the close of business on October 28, 2024.
KNOT Offshore Partners LP is a publicly traded master partnership that owns, operates, and acquires shuttle tankers. These tankers primarily operate under long-term charters in the offshore oil production regions of Brazil and the North Sea. The company's common units trade on the New York Stock Exchange under the symbol 'KNOP'. Although structured as a master partnership, KNOT Offshore Partners LP is classified as a for U.S. federal income tax purposes and issues Form 1099 to its unitholders instead of Form K-1.
KNOT Offshore Partners LP (NYSE:KNOP) has announced that its 2024 Annual Meeting will take place on November 7, 2024. The meeting will be held at Floor 19, 1 Cabot Square, Canary Wharf, London E14 4QJ, United Kingdom at 3:00 pm UK time. The record date for voting at the Annual Meeting has been set for October 3, 2024.
KNOP is a publicly traded master partnership that owns, operates, and acquires shuttle tankers primarily under long-term charters in the offshore oil production regions of Brazil and the North Sea. Despite its structure, KNOP is classified as a for U.S. federal income tax purposes and issues Form 1099 to unitholders instead of Form K-1. The Partnership's common units are traded on the New York Stock Exchange under the symbol 'KNOP'.
KNOT Offshore Partners LP reported its Q2 2024 financial results, generating total revenues of $74.4 million and a net loss of $12.9 million. The loss includes a $16.4 million non-cash impairment for two vessels. Adjusted for this, net income was $3.5 million. Key highlights:
- Adjusted EBITDA of $45.5 million
- Available liquidity of $66.6 million
- Fleet utilization of 98.8%
- Declared quarterly distribution of $0.026 per common unit
- Executed new time charters for multiple vessels
- Acquired Tuva Knutsen and sold Dan Cisne in a vessel swap
The Partnership reports 93% charter coverage for 2024 from fixed contracts, rising to 95% with options. Management sees improving market conditions in Brazil and anticipates offshore oil production growth to outpace shuttle tanker supply in coming years.
KNOT Offshore Partners LP (NYSE:KNOP) has announced a strategic vessel swap, exchanging the smaller, older Dan Cisne for the newer, industry-standard Suezmax shuttle tanker Tuva Knutsen. The transaction involves:
1. Acquiring Tuva Knutsen for $97.5 million (less $69.0 million debt)
2. Selling Dan Cisne for $30 million
3. Net payment of $1.1 million from KNOT to KNOP
The Tuva Knutsen, built in 2021, has a fixed charter with TotalEnergies until February 2026, with KNOT guaranteeing the hire rate until August 2031. This swap reduces KNOP's average fleet age, increases long-term contract stability, and focuses on high-demand shuttle tanker classes without requiring new funding.
KNOT Offshore Partners LP (NYSE:KNOP) has announced its plans to release 2nd Quarter 2024 financial results before market opening on Wednesday, September 4, 2024. The company will host a conference call at 9:30 AM (Eastern Time) on the same day to discuss the results. Unitholders and interested parties can participate via webcast or by dialing in. The earnings presentation will be available on the company's website prior to the call. A recording of the call will be accessible until September 11, 2024.
KNOT Offshore Partners LP operates in the offshore oil production regions of the North Sea and Brazil, primarily owning and operating shuttle tankers under long-term charters. The company is structured as a publicly traded master partnership but is classified as a for U.S. federal income tax purposes.
KNOT Offshore Partners LP (NYSE: KNOP) announced a quarterly cash distribution of $0.026 per common unit for the quarter ending June 30, 2024. This distribution will be paid on August 8, 2024, to unitholders of record as of July 29, 2024. KNOT Offshore Partners LP focuses on owning and operating shuttle tankers under long-term charters in the offshore oil production regions of Brazil and the North Sea. Structured as a publicly traded master partnership, it issues Form 1099 to its unitholders for U.S. federal income tax purposes. KNOP common units trade on the New York Stock Exchange.
KNOT Offshore Partners LP reported Q1 2024 financial results.
Key highlights include: revenues of $76.6 million, operating income of $19.7 million, and net income of $7.4 million. EBITDA adjusted to $47.5 million.
Fleet utilization stood at 97.6%, and available liquidity was $55.2 million.
Key events: declaration of cash distributions, vessel contracts renewals, and the signing of new time charters. The Dan Cisne returned post-charter and is assessing new operations.
The company signed a $60 million loan facility and achieved refinancing milestones. CEO Derek Lowe highlighted contract coverage, fleet utilization, and improving market outlooks in Brazil and the North Sea.
Revenue and operating income increased compared to Q4 2023 and Q1 2023.
Interest expenses decreased due to lower rates and debt.
Overall, KNOT Offshore Partners LP reported a strong operational and financial performance for Q1 2024.
KNOT Offshore Partners LP (NYSE:KNOP) announced it will release its financial results for the 1st Quarter of 2024 on May 23, 2024. A conference call will be held to discuss the results on the same day. The Partnership owns and operates shuttle tankers in offshore oil production regions. Common units trade on the NYSE under the symbol 'KNOP'.
FAQ
What is the current stock price of KNOT OFFSHORE PARTNERS LP (KNOP)?
What is the market cap of KNOT OFFSHORE PARTNERS LP (KNOP)?
What does KNOT Offshore Partners LP do?
Who are KNOP’s main sponsors?
Where does KNOP primarily operate?
What types of charters does KNOP use?
What is the financial structure of KNOP?
What recent achievements has KNOP accomplished?
How does KNOP ensure operational support?
What are the benefits of investing in KNOP?
What are KNOP’s main services?
Is KNOP positioned for growth?
