Financial Performance and Distribution - The company reduced its quarterly common unit distribution to $0.026 per unit starting from the fourth quarter of 2022, which may impact its ability to raise capital[34]. - The company’s cash distribution policy may limit its growth potential as it prioritizes distributions on Series A Preferred Units over reinvestment into operations[35]. - The company must make substantial capital expenditures to maintain its fleet, which reduces cash available for distribution[37]. - The company’s ability to generate cash from operations is influenced by various factors, including charter rates, fleet utilization, and operating costs[33]. - The company’s financing agreements impose restrictions that may limit its ability to pay distributions, including failure to meet financial covenants and other operational conditions[51]. - Distribution payments on common units are prohibited until all accrued and unpaid distributions on Series A Preferred Units are paid[150]. - The company can borrow money to pay distributions, which may reduce available credit for business operations[162]. - Unitholders may have liability to repay distributions if they are found to be impermissible under the Marshall Islands Limited Partnership Act[166]. Operational Challenges - In 2023, the company experienced approximately 192 off-hire days due to the scheduled drydocking of five vessels, which could adversely affect cash available for distribution[40]. - The company may experience operational problems with vessels that could reduce revenue and increase costs, impacting overall financial results[29]. - The company faces risks related to macroeconomic conditions, including inflation, interest rates, and supply chain constraints, which may impact its financial performance[29]. - Throughout 2023, the company experienced significant increases in costs due to inflation, supply chain disruptions, and labor shortages, which may continue to affect operations in 2024[72]. - Supply chain disruptions and shortages of essential materials may adversely impact the company's operations and ability to meet customer demands[71]. - The partnership's operations are subject to risks from outbreaks of infectious diseases, which could disrupt supply chains and operational capabilities[117]. - Increased operational costs may arise from compliance with enhanced safety and security requirements due to heightened environmental and security concerns[110]. Customer Dependency and Revenue Generation - The company is dependent on charters for revenue generation, with several vessels, including Hilda Knutsen and Torill Knutsen, having charters expiring in 2024 with no firm contracts beyond that time[41]. - For the year ended December 31, 2023, key customers accounted for significant portions of revenue: Knutsen Shuttle Tankers Pool AS (10%), Brazil Shipping I Limited (12%), Equinor ASA (13%), Repsol Sinopec Brasil B.V. (13%), Total Energies (14%), and Fronape International Company (18%)[59]. - The company derives all of its time charter and bareboat revenues from eleven customers, indicating a high dependency on a limited customer base[59]. - If the company loses a key customer, it may struggle to obtain replacement long-term charters, exposing it to a volatile spot market[60]. Debt and Financing - As of December 31, 2023, the company had consolidated debt of approximately $963.0 million, with all revolving credit facilities fully drawn[43]. - The company entered into a new $60 million senior secured term loan on April 5, 2024, to replace a $100 million facility, subject to definitive documentation and closing conditions[43]. - The company’s ability to service or refinance its debt is contingent on its financial and operating performance, which may be affected by economic conditions[44]. - Approximately $63.4 million of the partnership's debt is due to be repaid or refinanced during 2024, with potential challenges in refinancing on satisfactory terms[121]. Market and Competitive Environment - The company faces substantial competition for long-term, fixed-rate charters, which may impact its ability to expand relationships with existing customers and obtain new ones[80]. - An increase in global shuttle tanker capacity without a corresponding increase in demand may adversely affect hire rates and vessel values, impacting financial performance[81]. - The company’s growth depends on the demand for shuttle tanker transportation services, which may be affected by persistent low oil prices[29]. - The company’s growth is contingent on the demand for shuttle tanker transportation services, which is influenced by external factors beyond its control[66]. Regulatory and Compliance Issues - Compliance with safety and vessel requirements may incur significant costs, affecting revenue and cash available for distribution[83]. - Compliance with new climate regulations may increase operational costs and require installation of new emission controls, impacting revenue generation[89]. - The SEC has proposed rules requiring public companies to disclose material climate-related risks and GHG emissions, which may lead to increased compliance costs[92]. - The partnership agreement designates the Court of Chancery of the State of Delaware as the exclusive forum for certain disputes, potentially limiting unitholders' options[174]. - Tax obligations in various jurisdictions may reduce cash available for distribution to unitholders, with potential challenges from tax authorities[177]. Environmental, Social, and Governance (ESG) Factors - Increased scrutiny on ESG practices may hinder access to capital, as investors focus on companies' environmental and social governance[91]. - The Initial IMO GHG Strategy aims for a 40% reduction in carbon intensity for international shipping by 2030, compared to 2008 levels[88]. - The 2023 IMO GHG Strategy sets a goal of achieving net-zero GHG emissions from international shipping by around 2050, with interim targets of a 20% reduction by 2030 and 70% by 2040[88]. - Long-term climate change mitigation efforts may reduce demand for oil, adversely affecting shuttle tanker services[90]. - The partnership's operations are significantly impacted by extensive and changing environmental regulations, including the IMO 2020 sulfur content requirement, which reduced the maximum sulfur content in marine fuels from 3.5% to 0.5%[109]. Management and Governance - KNOT owns 28.4% of the common units and all Class B Units, which may lead to conflicts of interest affecting unitholder interests[134]. - The partnership agreement limits unitholders' voting rights, allowing common unitholders to elect only four of the seven board members[132]. - The general partner has significant influence over board decisions, which may not align with the interests of common unitholders[136]. - The partnership agreement discourages removal of the current management without KNOT's consent, which could impact unitholder influence[143]. Fleet and Operations - As of April 11, 2024, the company had a fleet of eighteen shuttle tankers[196]. - The average remaining term of the charters for the vessels in the fleet is 2.0 years, with options to extend by an additional 2.1 years on average[201]. - The company aims to generate stable cash flows and provide sustainable quarterly distributions to unitholders through strategic acquisitions and long-term charters[204]. - The company was formed to operate shuttle tankers under long-term charters, defined as five years or more[187]. - The company has a strategy to expand operations in high-growth regions such as the North Sea and Brazil[204].

Financial Performance - 4Q 2023 revenues were $73.0 million[11] - 4Q 2023 operating income was $18.1 million[11] - 4Q 2023 net income showed a loss of $5.3 million, after accounting for an unrealized loss of $8.9 million on derivatives[11] - 4Q 2023 adjusted EBITDA was $45.7 million[11] - Available liquidity as of December 31, 2023, was $63.9 million, all in cash and cash equivalents[11] Contractual Developments - Repsol exercised a 1-year extension option for Carmen Knutsen, commencing in January 2024, with a further 1-year option available[13] - Transpetro extended its bareboat charter for Dan Sabia to June 2024[13] - Windsor Knutsen secured a new time charter commencing February-May 2025 for 2 years fixed[13] - Tordis Knutsen and Lena Knutsen both secured a 1-year extension on their contract to Shell, seeing them employed until mid-2027[4] - Brasil Knutsen was substituted into the time charter with Equinor previously due for Windsor Knutsen, commencing 4Q 2024-1Q 2025 and lasting 1 or 2 years fixed and the potential for up to 2x 1-year extensions[26] Fleet Utilization and Outlook - Fleet operated with 99.6% utilization for scheduled operations, and 96.0% utilization taking into account the scheduled drydocking of the Torill Knutsen and the Ingrid Knutsen[11] - Remaining contracted forward revenue is $699 million, excluding charterer's options, and excluding contracts agreed or signed after December 31, 2023[16] - These contracts average 2.0 years of fixed periods, plus 2.1 years of charterers' options[16]

KNOT Offshore Partners LP (NYSE:KNOP) Q4 2023 Earnings Conference Call February 27, 2024 9:30 AM ET Company Participants Derek Lowe - Chief Executive Officer & Chief Financial Officer Conference Call Participants Liam Burke - B. Riley Poe Fratt - Alliance Global Partners Jim Altschul - Aviation Advisory Service Operator Hello. My name is Drew and I will be your conference operator today. At this time, I would like to welcome everyone to the KNOT Offshore Partners Fourth Quarter 2023 Earnings Results Confere ...

On the Slide 3, we have the financial and operational headlines for Q3. Revenues were $72.7 million, operating income $20.6 million, net income $12.6 million, and adjusted EBITDA $48.1 million. I will now turn the call over to your host, Derek Lowe. Please go ahead. On Slide 5, our outlook remains positive on both industry dynamics and the partnership's positioning to participate fruitfully in our markets. The net supply of shuttle tankers into the global fleet appears very constrained with only five new ve ...

5 6 Adjusted EBITDA Adjusted EBITDA is a non-GAAP financial measure used by management and external users of our financial statements. Please see the Appendices for a definition of Adjusted EBITDA. Second Quarter 2020 2023 2027 2028 2021 2022 2024 2025 2026 2023 (1) Shell Shell Oil major Insurance PetroChina Windsor B Equinor KNOT Equinor Bodil * II | |an Transpetro (Bareboat charter) Transpetro Fortaleza Transpetro (Bareboat charter) Transpetro Recife Repsol Carmen E Eni KNOT Hilda * 国 100 KNOT Eni Torill ...

Financial Data and Key Metrics Changes - The company reported a cash and cash equivalents balance of $63.1 million at the end of the quarter, with a reduction in the current portion of long-term debt following successful refinancings [18][22] - Adjusted EBITDA for the second quarter was solid, despite recognizing non-cash impairments totaling $49.6 million related to two smaller vessels [16][18] - The partnership had $620 million of forward contracted revenue as of June 30, 2023, with firm charters averaging two years remaining [19][34] Business Line Data and Key Metrics Changes - The fleet operated with 99.3% utilization for scheduled operations and 95.5% utilization when accounting for scheduled dry dockings [29][22] - A new time charter contract for the Brasil Knutsen was agreed upon, set to commence in January 2024 for a fixed period of one year [31] - The company successfully extended the bareboat charter for the Dan Cisne with Transpetro, which will now run until the end of December 2023 [30] Market Data and Key Metrics Changes - The Brazilian market is tightening, with a limited newbuild order book and increasing demand for shuttle tankers due to offshore oil production growth [34][20] - The North Sea market is expected to take several more quarters to recover, while the Brazilian market shows signs of improvement [34][20] Company Strategy and Development Direction - The company is focused on securing additional contract coverage and rebuilding liquidity, prioritizing long-term charter visibility over immediate acquisitions [66][102] - Management expressed confidence in the mid to long-term outlook for the business, particularly in Brazil, due to the anticipated startup of new FPSOs [20][21] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the need for stability in liquidity and the importance of maintaining sufficient working capital to operate the fleet [4][23] - The company is optimistic about the future, citing a positive mid to long-term outlook driven by tightening market conditions and operational improvements [20][21] Other Important Information - The company has largely addressed its near-term refinancing needs, successfully closing a new $240 million senior secured term loan facility [22][14] - The partnership paid its 41st consecutive distribution since its IPO in 2013, reflecting ongoing commitment to returning value to shareholders [29] Q&A Session Questions and Answers Question: What needs to happen for the partnership to return to higher payouts or resume drop-downs? - Management indicated that the focus is currently on securing long-term charter visibility and building liquidity, with drop-downs not being a priority at this time [39][66] Question: Is it feasible to move the Torill and Hilda vessels to the Brazilian market? - Management stated that while it is an option, timing and costs are critical factors, and they are evaluating this possibility carefully [40][46] Question: Can you explain the dynamics of the balance sheet changes, particularly the increase in long-term debt? - Management clarified that the increase in long-term debt is primarily due to reclassification related to refinancing, and the drop in long-term assets is due to depreciation and impairments [62][78] Question: How are the new charter rates compared to previous contracts? - Management noted that new charter rates reflect a tightening market, but providing specific percentage increases would be misleading due to the variability in contracts [105][121] Question: What is the timeline for potential acquisitions? - Management confirmed that while there are vessels available for acquisition, the current focus is on liquidity and securing charters rather than pursuing new acquisitions [100][102]

KNOT Offshore Partners LP (NYSE:KNOP) Q1 2023 Earnings Conference May 26, 2023 9:30 AM ET Company Participants Gary Chapman - Chief Executive Officer and Chief Financial Officer Conference Call Participants Liam Burke - B. Riley Poe Fratt - Alliance Global Partners Jim Altschul - Aviation Advisory Service Robert Silvera - R.E. Silvera & Associates Marine Surveyors Operator Ladies and gentlemen, thank you for standing by for the KNOT Offshore Partners’ First Quarter 2023 Earnings Results Conference Call. My ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 6-K (Translation of registrant's name into English) 2 Queen's Cross, Aberdeen, AB15 4YB United Kingdom (Address of principal executive office) Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Form 20-F x Form 40-F ¨ ITEM 1– INFORMATION CONTAINED IN THIS FORM 6-K REPORT Attached as Exhibit 99.1 is a copy of the press release of KNOT Offshore Partners LP dated Apri ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Title of Each Class Trading Symbol(s) Name of Each Exchange on Which Registered Common units representing limited partner interests KNOP New York Stock Exchange For the fiscal year ended December 31, 2022 OR ☐ TR ...

KNOT Offshore Partners LP (NYSE:KNOP) Q3 2022 Results Conference Call November 30, 2022 10:00 AM ET Company Participants Gary Chapman - Chief Executive Officer and CFO Conference Call Participants Liam Burke - B. Riley Richard Diamond - Castlewood Capital Jim Altschul - Aviation Advisory Service Rob Silvera - R.E. Silvera & Associates Marine Surveyors Operator Hello, everyone. And welcome to the KNOT Third Quarter 2022 Earnings Results Conference Call. My name is Charlie, and I'll be coordinating the call t ...