First Quarter 2021 Results May 13, 2021 VIGDIS KNUTSEN ශ්‍රී උ છ @ Forward Looking Statements This presentation contains certain forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934, as amended) that reflect management's current view and involve known and unknown risks and are based upon assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond KNOP's control. Actual results may differ materially fro ...

Financial Performance - Total revenues for the year ended December 31, 2020, were $279,222,000, a slight decrease of 1% compared to $282,561,000 in 2019[28]. - Net income for 2020 was $65,225,000, representing an increase of 10% from $58,957,000 in 2019[33]. - EBITDA for 2020 was $186,498,000, down 6% from $198,680,000 in 2019, while Adjusted EBITDA was $212,825,000, a decrease of 2% from $217,574,000 in 2019[33]. - Cash and cash equivalents at the end of 2020 were $52,583,000, up from $43,525,000 in 2019[28]. - Net cash provided by operating activities for 2020 was $169,241,000, compared to $165,692,000 in 2019[28]. - Cash distributions declared and paid per unit remained stable at $2.08 for both 2020 and 2019[28]. Debt and Financing - Long-term debt, including current portion and seller's credits, was $1,030,345,000 at the end of 2020, an increase from $995,396,000 in 2019[28]. - As of December 31, 2020, the company had consolidated debt of approximately $1,030.3 million, which may limit its flexibility in obtaining additional financing and paying distributions to unitholders[61]. - The company's ability to service its debt is contingent on future financial and operating performance, which may be adversely affected by economic conditions and other factors beyond its control[63]. - Financing agreements impose restrictions that may limit the company’s ability to incur additional debt, pay distributions, or engage in certain business activities[64]. - The company’s debt levels could make it more vulnerable to competitive pressures and economic downturns compared to competitors with less debt[62]. Operational Risks - The company is exposed to fluctuations in oil prices, which may adversely affect its growth prospects and results of operations[52]. - The outbreak of COVID-19 continues to negatively impact global economic activity and energy demand, potentially affecting the company's operations and those of its customers and suppliers[49]. - The company faces risks related to operational problems with vessels that could reduce revenue and increase costs[42]. - The company may experience difficulties in re-chartering its vessels at attractive rates, particularly for those coming off charter in the next one to two years[52]. - The company must make substantial capital expenditures to maintain the operating capacity of its fleet, which reduces cash available for distribution[57]. Customer Concentration - The company relies on seven customers for all of its time charter and bareboat revenues, indicating a lack of diversification[42]. - The company derives all of its time charter and bareboat revenues from seven customers, with the largest customer accounting for approximately 28% of total revenues for the year ended December 31, 2020[77]. Regulatory and Compliance Issues - The company is subject to U.S. sanctions, particularly those against Iran, which have been significantly expanded since 2012, affecting its ability to conduct business internationally[128]. - Compliance with new greenhouse gas regulations may increase operational costs and require installation of new emission controls[105]. - The maximum sulfur content in fuels used by the marine sector was reduced from 3.5% to 0.5% effective January 1, 2020, under IMO's MARPOL Annex VI[116]. - The company must disclose any activities involving sanctioned countries in its SEC filings, which could impact investor perception and market value[129]. - The company is committed to maintaining compliance with applicable sanctions and embargo laws, but future compliance cannot be guaranteed due to changing interpretations[129]. Market and Economic Conditions - A decline in oil prices could adversely affect the company’s growth prospects and financial condition, impacting its ability to make cash distributions[85]. - Adverse economic conditions, including low oil prices, may lead to a decline in customers' operations or ability to pay for services, resulting in decreased demand for vessels[87]. - The global supply of shuttle tanker capacity may increase without a corresponding rise in demand, adversely affecting hire rates and vessel values[96]. - The company faces substantial competition for long-term, fixed-rate charters, which may hinder its ability to expand relationships with existing customers or obtain new ones[94]. Corporate Governance and Structure - As of March 18, 2021, KNOT owned 26.2% of the company's common units, which may lead to conflicts of interest and influence over business decisions[138]. - The partnership agreement limits unitholders' voting rights, allowing only limited influence over management decisions and board elections[136]. - The partnership agreement allows KNOT and its affiliates to make decisions that may not align with the best interests of the company or its unitholders[141]. - The partnership agreement allows for working capital borrowings to pay distributions, which may reduce available credit for business operations[183]. Environmental and Safety Concerns - The International Maritime Organization (IMO) aims for a 40% reduction in carbon intensity for international shipping by 2030 compared to 2008 levels[105]. - Compliance with safety and other vessel requirements imposed by classification societies may incur significant costs, impacting overall business operations[100]. - The company may incur substantial expenses to comply with evolving environmental regulations, impacting financial performance[118]. Strategic Growth and Acquisitions - The company’s growth strategy focuses on expansion in the shuttle tanker sector, which is dependent on continued growth in demand for offshore oil transportation services[82]. - The company’s acquisition strategy is critical for fleet expansion, but it carries risks such as unanticipated liabilities and integration challenges[70]. - The company has engaged in several acquisitions, including the Carmen Knutsen and the Dan Cisne, enhancing its fleet and operational capacity[218][219]. Miscellaneous Risks - The company faces risks from piracy and terrorism, which could lead to increased operational costs and potential loss of vessels[113][115]. - Fluctuating currency exchange rates may result in increased payments under service agreements, affecting cash flows[121]. - Labor disruptions due to collective bargaining agreements could adversely affect operations and financial condition[122]. - Maritime claims could lead to vessel arrests, interrupting cash flow and potentially impacting revenue from charters[126]. - The required drydocking of vessels could be more expensive and time-consuming than anticipated, adversely affecting cash available for distribution to unitholders[98].

Financial Data and Key Metrics Changes - Total revenues for Q4 2020 were $69.9 million, operating income was $30.4 million, and net income was $24.6 million, with adjusted EBITDA at $52.9 million and distributable cash flow at $28.6 million, resulting in a coverage ratio of 1.58 [6][20][45] - The partnership had $738 million of remaining firm contracted forward revenue at the end of the quarter, up from $585 million in the previous quarter [8][46] Business Line Data and Key Metrics Changes - Fleet utilization was reported at 98.6% for the quarter, allowing the company to maintain its distribution of $0.52 per common unit for the 22nd consecutive quarter [7][45] - Vessel operating expenses were slightly better than Q3, with full-year costs remaining on budget despite higher crew costs due to COVID-19 [17] Market Data and Key Metrics Changes - The company operates in a niche market with a total global fleet of 75 shuttle tankers, primarily in the North Sea and offshore Brazil [38] - The average remaining charter period for contracted revenue is 2.9 years, with options to extend by an average of 3.1 years [28] Company Strategy and Development Direction - The management strategy focuses on long-term stability and providing attractive distributions to unitholders, with diversified revenue streams to mitigate dependency on any single contract [16] - The company is considering options for further internally financed dropdowns later in 2021, emphasizing a prudent approach to acquisitions [34][58] Management Comments on Operating Environment and Future Outlook - Management expressed optimism about the prospects for 2021, despite challenges posed by COVID-19 and lower oil prices, indicating that stronger oil prices could lead to increased commitments from customers [52][53] - The company anticipates significant growth in oil production in Brazil and the North Sea over the coming years, despite short-term delays due to the pandemic [41][86] Other Important Information - The partnership completed a sale and leaseback transaction for the Raquel Knutsen, contributing $38 million in cash to the partnership [9] - The company has entered into various interest rate swap agreements to hedge against interest rate risks, with a notional amount of $516 million [22] Q&A Session Summary Question: What are the plans for the Bodil Knutsen after drydock? - The company is exploring all options, including short-term charters and a preference for long-term contracts, with optimism about securing commitments [50][51] Question: How does the company view the refinancing of current debt? - Management indicated that early discussions with lenders are progressing well, with no new issues anticipated [54][55] Question: What is the strategy regarding dropdowns and cash usage? - The company prefers to use cash on hand for dropdowns rather than issuing new equity, focusing on maintaining sensible leverage [57][60] Question: What is the status of the sale leaseback of the Raquel Knutsen? - The transaction was entered into in January, with accounting disclosures expected in Q1 numbers [63][68] Question: How does the company anticipate savings through refinancing? - Management expects to maintain similar margins on new debt, with potential savings from lower LIBOR rates [70][72] Question: Is there any liability from Shell regarding the Windsor? - The company clarified that it holds responsibility for the vessel's condition and is claiming insurance for repairs [75] Question: How does the company view future dropdowns and their costs? - The estimated cost for a basic shuttle tanker is around $100 million, with the Tove Knutsen acquired for $117.8 million [81][84] Question: What is the outlook for covering debt with contracted revenue? - Management is optimistic about covering debt, citing strong forecasts for demand growth in shuttle tankers over the next decade [86][89]

Financial Performance - Total revenues reached $713 million[6] - Operating income was $309 million[6] - Net income amounted to $251 million[6] - Adjusted EBITDA stood at $533 million[6] - Distributable Cash Flow was $289 million, resulting in a coverage ratio of 160[6] Contracted Revenue and Fleet Utilization - Remaining contracted forward revenue totaled $585 million, excluding options[7, 28] - The average remaining charter duration is 22 years[21] - Fleet utilization remained at 100% during the quarter[6, 27] Liquidity and Debt Management - The company is negotiating a new 3-year $25 million unsecured Revolving Credit Facility[26]

WINDSOR KNUTSEN HAUGESUND ore Partners LP Second Quarter 2020 Results August 27, 2020 Notice to Recipients This presentation is not a prospectus and is not an offer to sell, nor a solicitation of an offer to buy, securities. This presentation contains certain forward-looking statements concerning future events and KNOT Offshore Partners LP's ("KNOP") operations, performance and financial condition. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or ...

First Quarter 2020 Results May 28, 2020 Notice to Recipients This presentation is not a prospectus and is not an offer to sell, nor a solicitation of an offer to buy, securities. This presentation contains certain forward-looking statements concerning future events and KNOT Offshore Partners LP's ("KNOP") operations, performance and financial condition.Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievemen ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F Date of event requiring this shell company report…………… (Mark One) o REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ý ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition ...

Use these links to rapidly review the document TABLE OF CONTENTS PART III INDEX TO FINANCIAL STATEMENTS OF KNOT OFFSHORE PARTNERS LP UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F (Mark One) o REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ý ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2018 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) ...