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Name | Symbol | Market | Type |
---|---|---|---|
KNOT Offshore Partners LP | NYSE:KNOP | NYSE | Trust |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
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0.00 | 0.00% | 0 | - |
Financial Highlights
For the three months ended December 31, 2023 (“Q4 2023”), KNOT Offshore Partners LP (“KNOT Offshore Partners” or the “Partnership”):
Other Partnership Highlights and Events
Derek Lowe, Chief Executive Officer and Chief Financial Officer of KNOT Offshore Partners LP, stated, “We are pleased to report another strong performance in Q4 2023, marked by safe operation at over 99% fleet utilization for scheduled operations, along with consistent revenue and operating income.
1 EBITDA and Adjusted EBITDA are non-GAAP financial measures used by management and external users of the Partnership’s financial statements. Please see Appendix A for definitions of EBITDA and Adjusted EBITDA and a reconciliation to net income, the most directly comparable GAAP financial measure.
Including those contracts signed since December 31, 2023, we now have 79% of charter coverage in 2024 from fixed contracts, which rises to 91% if charterers’ options are exercised. Having executed a number of new contracts, we remain focused on filling the remaining gaps in our charter portfolio.
In Brazil, the main offshore oil market where we operate, the outlook is continuing to improve, with robust demand and increasing charter rates. Driven by Petrobras’ continued high production levels and FPSO start-ups in the pre-salt fields that rely upon shuttle tankers, we believe the world’s biggest shuttle tanker market is tightening materially. Our secondary geography, in the North Sea, is taking longer to re-balance, where we anticipate progressive improvement during and beyond 2024.
We are aware that Knutsen NYK has recently ordered three new shuttle tankers with delivery over 2026-2027; and we note recent reports of another operator ordering three new shuttle tankers, with delivery by early 2027. 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-long term demand for the global shuttle tanker fleet. These new orders bring anticipated deliveries to a total of eleven within the coming three years. While delivery of these orders will add to the supply of vessels into the global shuttle tanker fleet, 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 in the coming years, particularly as increasing numbers of shuttle tankers reach or exceed typical retirement age.
As the largest owner and operator of shuttle tankers (together with our sponsor, Knutsen NYK), we believe we are well positioned to benefit from such an improving charter market. We remain focused on generating certainty and stability of cashflows from long-term employment with high quality counterparties, and are confident that continued operational performance and execution of our strategy can create unitholder value in the quarters and years ahead.”
Financial Results Overview
Results for Q4 2023 (compared to those for the three months ended September 30, 2023 (“Q3 2023”)) included:
By comparison with the three months ended December 31, 2022 (“Q4 2022”), results for Q4 2023 included:
Fleet utilization
The Partnership’s vessels operated throughout Q4 2023 with 99.6% utilization for scheduled operations, and 96.0% utilization taking into account the scheduled drydockings of the Torill Knutsen and the Ingrid Knutsen, which were offhire for 23 days and 33 days respectively in Q4 2023.
Financing and Liquidity
As of December 31, 2023, the Partnership had $63.9 million in available liquidity, which was comprised of cash and cash equivalents of $63.9 million. The Partnership’s revolving credit facilities are fully drawn and mature between August 2025 and November 2025.
The Partnership’s total interest-bearing obligations outstanding as of December 31, 2023 were $963.0 million ($956.8 million net of debt issuance costs). The average margin paid on the Partnership’s outstanding debt during Q4 2023 was approximately 2.28% over SOFR. These obligations are repayable as follows:
(U.S. Dollars in thousands)
Sale & Leaseback
Period repayment
Balloon repayment
Total
2024
$
13,805
$
76,650
$
63,393
$
153,848
2025
14,399
68,581
181,583
269,563
2026
15,060
51,596
219,521
286,177
2027
15,751
26,481
—
42,232
2028 and thereafter
119,120
13,241
78,824
211,185
Total
$
178,135
$
236,549
$
548,321
$
963,005
As of December 31, 2023, the Partnership had entered into various interest rate swap agreements for a total notional amount outstanding of $426.5 million, to hedge against the interest rate risks of its variable rate borrowings. As of December 31, 2023, the Partnership receives interest based on SOFR and pays a weighted average interest rate of 1.9% under its interest rate swap agreements, which have an average maturity of approximately 1.8 years. The Partnership does not apply hedge accounting for derivative instruments, and its financial results are impacted by changes in the market value of such financial instruments.
As of December 31, 2023, the Partnership’s net exposure to floating interest rate fluctuations was approximately $294.5 million based on total interest-bearing contractual obligations of $963.0 million, less the Raquel Knutsen and Torill Knutsen sale and leaseback facilities of $178.1 million, less interest rate swaps of $426.5 million, and less cash and cash equivalents of $63.9 million.
On January 9, 2024, the loan facility secured by the Dan Sabia was repaid in full with a $10.4 million payment. The Dan Sabia and the Dan Cisne are now debt-free and there are no plans to incur additional borrowings secured by these vessels until such time as the Partnership has better visibility on the vessels’ future employment.
In May 2024, the loan facility secured by the Hilda Knutsen is due for repayment, for which the balloon repayment is $57 million. Negotiations are well-advanced with potential lenders for a new facility, to be secured also by the Hilda Knutsen, sufficient to finance the balloon repayment of the maturing facility. Management believe that such facility will be refinanced on acceptable and similar terms prior to maturity. However, there can be no guarantees of the success of any financing exercise.
On November 2, 2023, the Partnership entered into an at-the-market sales agreement with B. Riley Securities, Inc. for a new ATM program pursuant to which the Partnership may offer and sell up to $100 million of common units from time to time, through the Agent. This new sales agreement replaces and supersedes the prior sales agreement with the Agent entered into on August 26, 2021, which had provided for a $100 million at-the-market offering program for our common units. The Partnership intends to use the net proceeds of any sales of offered units for general partnership purposes, which may include, among other things, the repayment of indebtedness or the funding of acquisitions or other capital expenditures.
Assets Owned by Knutsen NYK
Pursuant to the omnibus agreement the Partnership entered into with Knutsen NYK at the time of its initial public offering, the Partnership has the option to acquire from Knutsen NYK any offshore shuttle tankers that Knutsen NYK acquires or owns that are employed under charters for periods of five or more years.
There can be no assurance that the Partnership will acquire any additional vessels from Knutsen NYK. Given the relationship between the Partnership and Knutsen NYK, any such acquisition would be subject to the approval of the Conflicts Committee of the Partnership’s Board of Directors.
Knutsen NYK owns, or has ordered, the following vessels and has entered into the following charters:
1.
In February 2021, Tuva Knutsen was delivered to Knutsen NYK from the yard and commenced on a five-year time charter contract with a wholly owned subsidiary of the French oil major TotalEnergies. TotalEnergies has options to extend the charter for up to a further ten years.
2.
In November 2021, Live Knutsen was delivered to Knutsen NYK from the yard in China and commenced on a five-year time charter contract with Galp Sinopec for operation in Brazil. Galp has options to extend the charter for up to a further six years.
3.
In June 2022, Daqing Knutsen was delivered to Knutsen NYK from the yard in China and commenced on a five-year time charter contract with PetroChina International (America) Inc for operation in Brazil. The charterer has options to extend the charter for up to a further five years.
4.
In July 2022, Frida Knutsen was delivered to Knutsen NYK from the yard in Korea and commenced in December 2022 on a seven-year time charter contact with Eni for operation in North Sea. The charterer has options to extend the charter for up to a further three years.
5.
In August 2022, Sindre Knutsen, was delivered to Knutsen NYK from the yard in Korea and commenced in September 2023 on a five-year time charter contract with Eni for operation in the North Sea. The charterer has options to extend the charter for up to a further five years.
6.
In May 2022, Knutsen NYK entered into a new ten-year time charter contract with Petrobras for a vessel to be constructed and which will operate in Brazil where the charterer has the option to extend the charter by up to five further years. The vessel will be built in China and is expected to be delivered in late 2024.
7.
In November 2022, Knutsen NYK entered into a new fifteen-year time charter contract with Petrobras for a vessel to be constructed and which will operate in Brazil where the charterer has an option to extend the charter by up to five further years. The vessel will be built in China and is expected to be delivered in late 2025.
8.
In February 2024, Knutsen NYK entered into a new ten-year time charter contract with Petrobras for each of three vessels to be constructed and which will operate in Brazil, where the charterer has an option to extend each charter by up to five further years. The vessels will be built in China and are expected to be delivered over 2026 - 2027.
Outlook
At December 31, 2023, the Partnership’s fleet of eighteen vessels had an average age of 9.7 years, and the Partnership had charters with an average remaining fixed duration of 2.0 years, with the charterers of the Partnership’s vessels having options to extend their charters by an additional 2.1 years on average. The Partnership had $699 million of remaining contracted forward revenue at December 31, 2023, excluding charterers’ options and excluding contracts agreed or signed after that date.
The market for shuttle tankers in Brazil, where fourteen of our vessels have been operating, has continued to tighten in Q4 2023, 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. While the Dan Cisne and Dan Sabia stand out among the Partnership’s fleet as being of a smaller size than is optimal in today’s Brazilian market, we remain in discussions with our customers and continue to evaluate all our options for the Dan Cisne and Dan Sabia vessels, including but not limited to redeployment in the tightening Brazilian market, deployment to the North Sea, charter to Knutsen NYK (subject to negotiation and approvals) and sale.
Shuttle tanker demand in the North Sea has remained subdued, driven by the impact of COVID-19-related project delays. We expect these conditions to persist for several more quarters until new oil production projects that are anticipated come on stream.
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, and position itself to benefit from its market-leading position in an improving shuttle tanker market.
The Partnership’s financial information for the year ended December 31, 2023 included in this press release is preliminary and unaudited and is subject to change in connection with the completion of the Partnership’s year end close procedure and further financial review, Actual results may differ as a result of the completion of the Partnership’s year end closing procedures, review adjustment and other developments that may arise between now and the time the audit for the year ended December 31, 2023 is finalized.
About KNOT Offshore Partners LP
KNOT Offshore Partners LP owns, operates and acquires shuttle tankers primarily under long-term charters in the offshore oil production regions of Brazil and the North Sea.
KNOT Offshore Partners LP is structured as a publicly traded master limited partnership but is classified as a corporation for U.S. federal income tax purposes, and thus issues a Form 1099 to its unitholders, rather than a Form K-1. KNOT Offshore Partners LP’s common units trade on the New York Stock Exchange under the symbol “KNOP”.
The Partnership plans to host a conference call on Tuesday, February 27, 2024 at 9:30 AM (Eastern Time) to discuss the results for the fourth quarter of 2023. All unitholders and interested parties are invited to listen to the live conference call by choosing from the following options:
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended
Year Ended December 31,
(U.S. Dollars in thousands)
December 31, 2023
September 30, 2023
December 31, 2022
2023
2022
Time charter and bareboat revenues
$
72,039
$
72,188
$
66,084
$
277,084
$
262,797
Voyage revenues (1)
—
10
4,689
8,849
4,689
Loss of hire insurance recoveries
505
—
758
2,840
758
Other income (2)
485
485
83
1,943
341
Total revenues
73,029
72,683
71,614
290,716
268,585
Vessel operating expenses
25,457
23,164
19,820
93,351
86,032
Voyage expenses and commission (3)
306
375
2,814
5,536
2,814
Depreciation
27,594
27,472
27,785
110,902
107,419
Impairment (4)
—
—
—
49,649
—
General and administrative expenses
1,571
1,083
1,606
6,142
6,098
Total operating expenses
54,928
52,094
52,025
265,580
202,363
Operating income (loss)
18,101
20,589
19,589
25,136
66,222
Finance income (expense):
Interest income
992
932
472
3,468
822
Interest expense
(18,101
)
(18,493
)
(15,358
)
(72,070
)
(42,604
)
Other finance expense
(176
)
(228
)
(103
)
(589
)
(628
)
Realized and unrealized gain (loss) on derivative instruments (5)
(4,806
)
4,361
1,663
5,369
35,510
Net gain (loss) on foreign currency transactions
(224
)
14
81
(237
)
220
Total finance income (expense)
(22,315
)
(13,414
)
(13,245
)
(64,059
)
(6,680
)
Income (loss) before income taxes
(4,214
)
7,175
6,344
(38,923
)
59,542
Income tax benefit (expense)
(1,068
)
5,466
(317
)
4 595
(875
)
Net income (loss)
(5,282
)
12,641
6,027
(34,328
)
58,667
Weighted average units outstanding (in thousands of units):
Common units
34,045
34,045
34,009
34,045
33,882
Class B units (6)
252
252
289
252
416
General Partner units
640
640
640
640
640
(1) Voyage revenues are revenues unique to spot voyages. (2) The Bodil Knutsen has received $1.2 million as of December 31, 2023 related to the volatile organic compound emission ("VOC") control equipment installation. (3) Voyage expenses and commission are expenses unique to spot voyages, including bunker fuel expenses, port fees, cargo loading and unloading expenses, agency fees and commission. (4) The carrying value of each of the Dan Cisne and the Dan Sabia was written down to its estimated fair value as of June 30, 2023. (5) Realized gain (loss) on derivative instruments relates to amounts the Partnership actually received (paid) to settle derivative instruments, and the unrealized gain (loss) on derivative instruments relates to changes in the fair value of such derivative instruments, as detailed in the table below.
Three Months Ended
Year Ended December 31,
(U.S. Dollars in thousands)
December 31, 2023
September 30, 2023
December 31, 2022
2023
2022
Realized gain (loss):
Interest rate swap contracts
$
4,141
$
3,963
$
1,229
$
14,648
$
(2,478
)
Foreign exchange forward contracts
—
(79
)
(502
)
(79
)
(502
)
Total realized gain (loss):
4,141
3,884
727
14,569
(2,980
)
Unrealized gain (loss):
Interest rate swap contracts
(8,947
)
352
(282
)
(9,200
)
38,490
Foreign exchange forward contracts
—
125
1,218
—
—
Total unrealized gain (loss):
(8,947
)
477
936
(9,200
)
38,490
Total realized and unrealized gain (loss) on derivative instruments:
$
(4,806
)
$
4,361
$
1,663
$
5,369
$
35,510
(6) On September 7, 2021, the Partnership entered into an exchange agreement with Knutsen NYK, and the Partnership’s general partner whereby Knutsen NYK contributed to the Partnership all of Knutsen NYK’s incentive distribution rights (“IDRs”), in exchange for the issuance by the Partnership to Knutsen NYK of 673,080 common units and 673,080 Class B Units, whereupon the IDRs were cancelled (the “IDR Exchange”). As of December 31, 2023, 420,675 of the Class B Units had been converted to common units.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET
(U.S. Dollars in thousands)
At December 31, 2023
At December 31, 2022
ASSETS
Current assets:
Cash and cash equivalents
$
63,921
$
47,579
Amounts due from related parties
348
1,998
Inventories
3,696
5,759
Derivative assets
13,019
15,070
Other current assets
8,795
15,528
Total current assets
89,779
85,934
Long-term assets:
Vessels, net of accumulated depreciation
1,492,998
1,631,380
Right-of-use assets
2,126
2,261
Deferred tax assets
4,358
—
Derivative assets
7,229
14,378
Total Long-term assets
1,506,711
1,648,019
Total assets
$
1,596,490
$
1,733,953
LIABILITIES AND EQUITY
Current liabilities:
Trade accounts payable
$
10,243
$
4,268
Accrued expenses
14,775
10,651
Current portion of long-term debt
151,796
369,787
Current lease liabilities
982
715
Income taxes payable
44
699
Current portion of contract liabilities
—
651
Prepaid charter
467
1,504
Amount due to related parties
2,106
1,717
Total current liabilities
180,413
389,992
Long-term liabilities:
Long-term debt
804,993
686,601
Lease liabilities
1,144
1,546
Deferred tax liabilities
127
424
Deferred revenues
2,336
3,178
Total long-term liabilities
808,600
691,749
Total liabilities
989,013
1,081,741
Commitments and contingencies
Series A Convertible Preferred Units
84,308
84,308
Equity:
Partners’ capital:
Common unitholders
510,013
553,922
Class B unitholders
3,871
3,871
General partner interest
9,285
10,111
Total partners’ capital
523,169
567,904
Total liabilities and equity
$
1,596,490
$
1,733,953
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN PARTNERS’ CAPITAL
Partners' Capital
Accumulated
Series A
(U.S. Dollars in thousands)
General
Other
Total
Convertible
Three Months Ended December 31, 2022 and 2023
Common Units
Class B Units
Partner Units
Comprehensive Income (Loss)
Partners' Capital
Preferred Units
Consolidated balance at September 30, 2022
$
566,079
$
5,301
$
10,365
$
—
$
581,745
$
84,308
Net income
4,220
28
79
—
4 327
1,700
Conversion of Class B to common units (1)
1,283
(1,283
)
—
—
—
—
Other comprehensive income
—
—
—
—
—
—
Cash distributions
(17,660
)
(175
)
(333
)
—
(18,168
)
(1,700
)
Consolidated balance at December 31, 2022
$
553,922
$
3,871
$
10,111
$
—
$
567,904
$
84,308
Consolidated balance at September 30, 2023
$
517,751
$
3,871
$
9,431
$
—
$
531,053
$
84,308
Net income (loss)
(6,853
)
—
(129
)
—
(6,982
)
1,700
Conversion of Class B to common units (1)
—
—
—
—
—
—
Other comprehensive income
—
—
—
—
—
—
Cash distributions
(885
)
—
(17
)
—
(902
)
(1,700
)
Consolidated balance at December 31, 2023
$
510,013
$
3,871
$
9,285
$
—
$
523,169
$
84,308
Year Ended December 31, 2022 and 2023
Consolidated balance at December 31, 2021
$
568,762
$
9,453
$
10,492
$
—
$
588,707
$
84,308
Net income
50,297
619
951
—
51,867
6,800
Conversion of Class B to common units (1)
5,238
(5,238
)
—
—
—
—
Other comprehensive income
—
—
—
—
—
—
Cash distributions
(70,375
)
(963
)
(1,332
)
—
(72,670
)
(6,800
)
Consolidated balance at December 31, 2022
$
553,922
$
3,871
$
10,111
$
—
$
567,904
$
84,308
Consolidated balance at December 31, 2022
$
553,922
$
3,871
$
10,111
$
—
$
567,904
$
84,308
Net income (loss)
(40,368
)
—
(760
)
—
(41,128
)
6,800
Conversion of Class B to common units (1)
—
—
—
—
—
—
Other comprehensive income
—
—
—
—
—
—
Cash distributions
(3,541
)
—
(66
)
—
(3,607
)
(6,800
)
Consolidated balance at December 31, 2023
$
510,013
$
3,871
$
9,285
$
—
$
523,169
$
84,308
(1) On September 7, 2021, the Partnership entered into an exchange agreement with Knutsen NYK and the Partnership’s general partner whereby Knutsen NYK contributed to the Partnership all of Knutsen NYK’s IDRs, in exchange for the issuance by the Partnership to Knutsen NYK of 673,080 common units and 673,080 Class B Units, whereupon the IDRs were cancelled. As of December 31, 2022, 420,675 of the Class B Units had converted to common units. As of December 31, 2023, 420,675 of the Class B Units had converted to common units. No Class B Units were converted in the fourth quarter of 2023.
UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOWS
Year Ended December 31,
(U.S. Dollars in thousands)
2023
2022
OPERATING ACTIVITIES
Net income (loss) (1)
$
(34,328
)
$
58,667
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation
110,902
107,419
Impairment
49,649
—
Amortization of contract intangibles / liabilities
(651
)
(1,442
)
Amortization of deferred revenue
(467
)
—
Amortization of deferred debt issuance cost
2,503
2,692
Drydocking expenditure
(19,375
)
(17,614
)
Income tax expense
(4,595
)
875
Income taxes paid
(665
)
(422
)
Unrealized (gain) loss on derivative instruments
9,200
(38,490
)
Unrealized (gain) loss on foreign currency transactions
67
49
Changes in operating assets and liabilities:
Decrease (increase) in amounts due from related parties
1,650
723
Decrease (increase) in inventories
2,139
(2,163
)
Decrease (increase) in other current assets
6,735
(9,689
)
Decrease (increase) in accrued revenue
—
1,450
Increase (decrease) in trade accounts payable
5,867
251
Increase (decrease) in accrued expenses
4,125
3,528
Increase (decrease) prepaid charter
(1,504
)
(4,682
)
Increase (decrease) in amounts due to related parties
389
(210
)
Net cash provided by operating activities
131,641
100,942
INVESTING ACTIVITIES
Disposals (additions) to vessel and equipment
(2,779
)
(3,309
)
Acquisition of Synnøve Knutsen (net of cash aquired)
—
(32,205
)
Net cash used in investing activities
(2,779
)
(35,514
)
FINANCING ACTIVITIES
Proceeds from long-term debt
250,000
167,000
Repayment of long-term debt
(349,642
)
(166,609
)
Payment of debt issuance cost
(2,461
)
(889
)
Cash distributions
(10,407
)
(79,470
)
Net cash used in financing activities
(112,510
)
(79,968
)
Effect of exchange rate changes on cash
(10
)
(174
)
Net increase (decrease) in cash and cash equivalents
16,342
(14,714
)
Cash and cash equivalents at the beginning of the period
47,579
62,293
Cash and cash equivalents at the end of the period
$
63,921
$
47,579
(1) Included in net income (loss) is interest paid amounting to $69.3 million and $37.3 million for the year ended December 31, 2023 and 2022, respectively.
APPENDIX A—RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
EBITDA and Adjusted EBITDA
EBITDA is defined as earnings before interest, depreciation and taxes. Adjusted EBITDA is defined as earnings before interest, depreciation, impairments, taxes and other financial items (including other finance expenses, realized and unrealized gain (loss) on derivative instruments and net gain (loss) on foreign currency transactions). EBITDA is used as a supplemental financial measure by management and external users of financial statements, such as the Partnership’s lenders, to assess its financial and operating performance and compliance with the financial covenants and restrictions contained in its financing agreements. Adjusted EBITDA is used as a supplemental financial measure by management and external users of financial statements, such as investors, to assess the Partnership’s financial and operating performance. The Partnership believes that EBITDA and Adjusted EBITDA assist its management and investors by increasing the comparability of its performance from period to period and against the performance of other companies in its industry that provide EBITDA and Adjusted EBITDA information. This increased comparability is achieved by excluding the potentially disparate effects between periods or companies of interest, other financial items, taxes, impairments and depreciation, as applicable, which items are affected by various and possibly changing financing methods, capital structure and historical cost basis and which items may significantly affect net income between periods. The Partnership believes that including EBITDA and Adjusted EBITDA as financial measures benefits investors in (a) selecting between investing in the Partnership and other investment alternatives and (b) monitoring the Partnership’s ongoing financial and operational strength in assessing whether to continue to hold common units. EBITDA and Adjusted EBITDA are non-GAAP financial measures and should not be considered as alternatives to net income or any other indicator of Partnership performance calculated in accordance with GAAP.
The table below reconciles EBITDA and Adjusted EBITDA to net income, the most directly comparable GAAP measure.
Three Months Ended,
Year Ended
(U.S. Dollars in thousands)
December 31, 2023 (unaudited)
December 31, 2022 (unaudited)
December 31, 2023 (unaudited)
December 31, 2022 (unaudited)
Net income (loss)
$
(5,282
)
$
6,027
$
(34,328
)
$
58,667
Interest income
(992
)
(472
)
(3,468
)
(822
)
Interest expense
18,101
15,358
72,070
42,604
Depreciation
27,594
27,785
110,902
107,419
Impairment
—
—
49,649
—
Income tax expense (benefit)
1,068
317
(4,595
)
875
EBITDA
40,489
49,015
190,230
208,743
Other financial items (a)
5,206
(1,641
)
(4,543
)
(35,102
)
Adjusted EBITDA
$
45,695
$
47,374
$
185,687
$
173,641
(a) Other financial items consist of other finance income (expense), realized and unrealized gain (loss) on derivative instruments and net gain (loss) on foreign currency transactions.
FORWARD-LOOKING STATEMENTS
This press release contains certain forward-looking statements concerning future events and KNOT Offshore Partners’ operations, performance and financial condition. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain the words “believe,” “anticipate,” “expect,” “estimate,” “project,” “will be,” “will continue,” “will likely result,” “plan,” “intend” or words or phrases of similar meanings. These statements involve known and unknown risks and are based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond KNOT Offshore Partners’ control. Actual results may differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements include statements with respect to, among other things:
All forward-looking statements included in this release are made only as of the date of this release. New factors emerge from time to time, and it is not possible for KNOT Offshore Partners to predict all of these factors. Further, KNOT Offshore Partners cannot assess the impact of each such factor on its business or the extent to which any factor, or combination of factors, may cause actual results to be materially different from those contained in any forward- looking statement. KNOT Offshore Partners does not intend to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in KNOT Offshore Partners’ expectations with respect thereto or any change in events, conditions or circumstances on which any such statement is based.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240226692794/en/
KNOT Offshore Partners LP Derek Lowe ir@knotoffshorepartners.com
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