
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]