Le Lézard
Classified in: Business, Covid-19 virus
Subjects: EARNINGS, Conference Call, Webcast

KNOT Offshore Partners LP Earnings Release?Interim Results for the Period Ended March 31, 2024


Financial Highlights

For the three months ended March 31, 2024 ("Q1 2024"), KNOT Offshore Partners LP ("KNOT Offshore Partners" or the "Partnership"):

Other Partnership Highlights and Events

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.

Derek Lowe, Chief Executive Officer and Chief Financial Officer of KNOT Offshore Partners LP, stated, "We are pleased to report another strong performance in Q1 2024, marked by safe operation at over 97% fleet utilization, along with consistent revenue and operating income.

Including those contracts signed since March 31, 2024, we now have 88% of charter coverage for 2024 from fixed contracts, which rises to 93% 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 look forward to the long-anticipated start-up of the Johan Castberg FPSO scheduled for the latter part of this year.

We are aware that Knutsen NYK has ordered three new shuttle tankers to be chartered to Petrobras with delivery over 2026-2027; and we note 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

By comparison with the three months ended March 31, 2023 ("Q1 2023"), results for Q1 2024 included:

Financing and Liquidity

As of March 31, 2024, the Partnership had $55.2 million in available liquidity, which was comprised of cash and cash equivalents of $50.2 million and $5.0 million of capacity under one of the revolving credit facilities. The Partnership's revolving credit facilities mature between August 2025 and November 2025.

The Partnership's total interest-bearing obligations outstanding as of March 31, 2024 were $925.3 million ($919.6 million net of debt issuance costs). The average margin paid on the Partnership's outstanding debt during Q1 2024 was approximately 2.28% over SOFR. These obligations are repayable as follows:

(U.S. Dollars in thousands)

 

Sale &
Leaseback

 

Period

repayment

 

Balloon

repayment

 

Total

 

Remainder of 2024

 

$

10,430

 

$

57,880

 

$

?

 

$

68,310

 

2025

 

 

14,399

 

 

76,081

 

 

181,583

 

 

272,063

 

2026

 

 

15,060

 

 

59,096

 

 

219,521

 

 

293,677

 

2027

 

 

15,751

 

 

26,818

 

 

37,500

 

 

80,069

 

2028

 

 

16,520

 

 

13,241

 

 

78,824

 

 

108,585

 

2029 and thereafter

 

 

102,601

 

 

?

 

 

?

 

 

102,601

 

Total

 

$

174,761

 

$

233,116

 

$

517,428

 

$

925,305

 

As of March 31, 2024, the Partnership had entered into various interest rate swap agreements for a total notional amount outstanding of $442.6 million, to hedge against the interest rate risks of its variable rate borrowings. As of March 31, 2024, the Partnership receives interest based on SOFR and pays a weighted average interest rate of 2.0% under its interest rate swap agreements, which have an average maturity of approximately 1.7 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 March 31, 2024, the Partnership's net exposure to floating interest rate fluctuations was approximately $257.7 million based on total interest-bearing contractual obligations of $925.3 million, less the Raquel Knutsen and Torill Knutsen sale and leaseback facilities of $174.8 million, less interest rate swaps of $442.6 million, and less cash and cash equivalents of $50.2 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.

On April 5, 2024, Knutsen Shuttle Tankers 14 AS, the Partnership's wholly-owned subsidiary which owns the vessel Hilda Knutsen, entered into a new $60 million senior secured term loan facility which is due to replace the existing loan facility secured by the Hilda Knutsen. That existing facility is due to mature with a balloon payment of $58.5 million in May 2024. This refinancing is anticipated to close shortly, following completion of customary closing conditions.

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 March 31, 2024, the Partnership's fleet of eighteen vessels had an average age of 9.9 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 2.0 years on average. The Partnership had $683 million of remaining contracted forward revenue at March 31, 2024, excluding charterers' options and excluding contracts agreed or signed after that date.

The market for shuttle tankers in Brazil, where thirteen of our vessels have been operating, has continued to tighten in Q1 2024, 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, most notably the long-anticipated Johan Castberg field in the Barents Sea, which is scheduled to come online during the latter portion of this year.

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.

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 Thursday May 23, 2024 at 9:30 AM (Eastern Time) to discuss the results for Q1 2024. 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

(U.S. Dollars in thousands)

 

March
31, 2024

 

December
31, 2023

 

March
31, 2023

Time charter and bareboat revenues

 

$

73,362

 

 

$

72,039

 

 

$

62,933

 

Voyage revenues (1)

 

 

2,715

 

 

 

?

 

 

 

7,254

 

Loss of hire insurance recoveries

 

 

?

 

 

 

505

 

 

 

911

 

Other income

 

 

555

 

 

 

485

 

 

 

82

 

Total revenues

 

 

76,632

 

 

 

73,029

 

 

 

71,180

 

Vessel operating expenses

 

 

25,909

 

 

 

25,457

 

 

 

19,443

 

Voyage expenses and commission (2)

 

 

1,635

 

 

 

306

 

 

 

4,696

 

Depreciation

 

 

27,742

 

 

 

27,594

 

 

 

27,729

 

General and administrative expenses

 

 

1,637

 

 

 

1,571

 

 

 

1,650

 

Total operating expenses

 

 

56,923

 

 

 

54,928

 

 

 

53,518

 

Operating income (loss)

 

 

19,709

 

 

 

18,101

 

 

 

17,662

 

Finance income (expense):

 

 

 

 

 

 

 

 

 

Interest income

 

 

828

 

 

 

992

 

 

 

683

 

Interest expense

 

 

(17,465

)

 

 

(18,101

)

 

 

(17,369

)

Other finance expense

 

 

(269

)

 

 

(176

)

 

 

(72

)

Realized and unrealized gain (loss) on derivative instruments (3)

 

 

5,002

 

 

 

(4,806

)

 

 

(2,310

)

Net gain (loss) on foreign currency transactions

 

 

(226

)

 

 

(224

)

 

 

(136

)

Total finance income (expense)

 

 

(12,130

)

 

 

(22,315

)

 

 

(19,204

)

Income (loss) before income taxes

 

 

7,579

 

 

 

(4,214

)

 

 

(1,542

)

Income tax benefit (expense)

 

 

(141

)

 

 

(1,068

)

 

 

245

 

Net income (loss)

 

$

7,438

 

 

$

(5,282

)

 

$

(1,297

)

Weighted average units outstanding (in thousands of units):

 

 

 

 

 

 

 

 

 

Common units

 

 

34,045

 

 

 

34,045

 

 

 

34,045

 

Class B units (4)

 

 

252

 

 

 

252

 

 

 

252

 

General Partner units

 

 

640

 

 

 

640

 

 

 

640

 

(1) Voyage revenues are revenues unique to spot voyages.

(2) 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.

(3) 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

(U.S. Dollars in thousands)

 

March
31, 2024

 

 

December
31, 2023

 

March
31, 2023

Realized gain (loss):

 

 

 

 

 

 

 

 

 

 

Interest rate swap contracts

 

$

4,063

 

 

$

4,141

 

 

$

3,006

 

Total realized gain (loss):

 

 

4,063

 

 

 

4,141

 

 

 

3,006

 

Unrealized gain (loss):

 

 

 

 

 

 

 

 

 

 

Interest rate swap contracts

 

 

939

 

 

 

(8,947

)

 

 

(5,272

)

Foreign exchange forward contracts

 

 

?

 

 

 

?

 

 

 

(44

)

Total unrealized gain (loss):

 

 

939

 

 

 

(8,947

)

 

 

(5,316

)

Total realized and unrealized gain (loss) on derivative instruments:

 

$

5,002

 

 

$

(4,806

)

 

$

(2,310

)

(4) 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 March 31, 2024, 420,675 of the Class B Units had been converted to common units.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET

 

(U.S. Dollars in thousands)

 

At March 31, 2024

 

 

At December 31, 2023

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

50,243

 

 

$

63,921

 

Amounts due from related parties

 

 

1,198

 

 

 

348

 

Inventories

 

 

4,286

 

 

 

3,696

 

Derivative assets

 

 

13,528

 

 

 

13,019

 

Other current assets

 

 

11,565

 

 

 

8,795

 

Total current assets

 

 

80,820

 

 

 

89,779

 

 

 

 

 

 

 

 

 

 

Long-term assets:

 

 

 

 

 

 

 

 

Vessels, net of accumulated depreciation

 

 

1,465,229

 

 

 

1,492,998

 

Right-of-use assets

 

 

1,993

 

 

 

2,126

 

Deferred tax assets

 

 

3,990

 

 

 

4,358

 

Derivative assets

 

 

7,660

 

 

 

7,229

 

Total Long-term assets

 

 

1,478,872

 

 

 

1,506,711

 

Total assets

 

$

1,559,692

 

 

$

1,596,490

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Trade accounts payable

 

$

6,687

 

 

$

10,243

 

Accrued expenses

 

 

14,342

 

 

 

14,775

 

Current portion of long-term debt

 

 

89,126

 

 

 

98,960

 

Current lease liabilities

 

 

1,077

 

 

 

982

 

Income taxes payable

 

 

22

 

 

 

44

 

Prepaid charter

 

 

467

 

 

 

467

 

Amount due to related parties

 

 

1,896

 

 

 

2,106

 

Total current liabilities

 

 

113,617

 

 

 

127,577

 

 

 

 

 

 

 

 

 

 

Long-term liabilities:

 

 

 

 

 

 

 

 

Long-term debt

 

 

830,508

 

 

 

857,829

 

Lease liabilities

 

 

915

 

 

 

1,144

 

Deferred tax liabilities

 

 

120

 

 

 

127

 

Deferred revenues

 

 

2,219

 

 

 

2,336

 

Total long-term liabilities

 

 

833,762

 

 

 

861,436

 

Total liabilities

 

 

947,379

 

 

 

989,013

 

Commitments and contingencies

 

 

 

 

 

 

 

 

Series A Convertible Preferred Units

 

 

84,308

 

 

 

84,308

 

Equity:

 

 

 

 

 

 

 

 

Partners' capital:

 

 

 

 

 

 

 

 

Common unitholders

 

 

514,760

 

 

 

510,013

 

Class B unitholders

 

 

3,871

 

 

 

3,871

 

General partner interest

 

 

9,374

 

 

 

9,285

 

Total partners' capital

 

 

528,005

 

 

 

523,169

 

Total liabilities and equity

 

$

1,559,692

 

 

$

1,596,490

 

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN PARTNERS' CAPITAL

 

 

Partners' Capital

 

Accumulated

 

 

 

 

 

Series A

 

(U.S. Dollars in thousands)
Three Months Ended March 31, 2023 and 2024

 

Common
Units

 

Class B
Units

 

 

General
Partner
Units

 

 

Other
Comprehensive
Income (Loss)

 

 

Total
Partners' Capital

 

 

Convertible
Preferred
Units

 

Consolidated balance at December 31, 2022

 

$

553,922

 

 

$

3,871

 

 

$

10,111

 

 

 

$

?

 

 

$

567,904

 

 

 

$

84,308

 

 

Net income (loss)

 

 

(2,942

)

 

?

 

 

 

(55

)

 

 

?

 

 

 

(2,997

)

 

 

1,700

 

 

Other comprehensive income

 

 

?

 

 

 

?

 

 

 

?

 

 

 

 

?

 

 

 

?

 

 

 

 

?

 

 

Cash distributions

 

 

(885

)

 

?

 

 

 

(17

)

 

 

?

 

 

 

(902

)

 

 

(1,700

)

Consolidated balance at March 31, 2023

 

$

550,095

 

 

$

3,871

 

 

$

10,039

 

 

 

$

?

 

 

$

564,005

 

 

 

$

84,308

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated balance at December 31, 2023

 

$

510,013

 

 

$

3,871

 

 

$

9,285

 

 

 

$

?

 

 

$

523,169

 

 

 

$

84,308

 

 

Net income

 

 

5,632

 

 

 

?

 

 

 

106

 

 

 

 

?

 

 

 

5,738

 

 

 

 

1,700

 

 

Other comprehensive income

 

 

?

 

 

 

?

 

 

 

?

 

 

 

 

?

 

 

 

?

 

 

 

 

?

 

 

Cash distributions

 

 

(885

)

 

?

 

 

 

(17

)

 

 

?

 

 

 

(902

)

 

 

(1,700

)

Consolidated balance at March 31, 2024

 

$

514,760

 

 

$

3,871

 

 

$

9,374

 

 

 

$

?

 

 

$

528,005

 

 

 

$

84,308

 

 

UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOWS

 

 

 

Three Months Ended March 31,

(U.S. Dollars in thousands)

 

2024

 

2023

OPERATING ACTIVITIES

 

 

 

 

 

 

Net income (loss) (1)

 

$

7,438

 

 

$

(1,297

)

Adjustments to reconcile net income to cash provided by operating activities:

 

 

 

 

 

 

Depreciation

 

 

27,742

 

 

 

27,729

 

Amortization of contract intangibles / liabilities

 

 

?

 

 

 

(379

)

Amortization of deferred revenue

 

 

(117

)

 

 

?

 

Amortization of deferred debt issuance cost

 

 

546

 

 

 

598

 

Drydocking expenditure

 

 

97

 

 

 

(2,905

)

Income tax (benefit) expense

 

 

142

 

 

 

(245

)

Income taxes paid

 

 

(23

)

 

 

(414

)

Unrealized (gain) loss on derivative instruments

 

 

(939

)

 

 

5,316

 

Unrealized (gain) loss on foreign currency transactions

 

 

187

 

 

 

(12

)

Changes in operating assets and liabilities:

 

 

 

 

 

 

Decrease (increase) in amounts due from related parties

 

 

(851

)

 

 

(525

)

Decrease (increase) in inventories

 

 

(590

)

 

 

2,259

 

Decrease (increase) in other current assets

 

 

(2,775

)

 

 

1,688

 

Increase (decrease) in trade accounts payable

 

 

(3,418

)

 

 

997

 

Increase (decrease) in accrued expenses

 

 

(434

)

 

 

(1,253

)

Increase (decrease) prepaid charter

 

 

?

 

 

 

(1,504

)

Increase (decrease) in amounts due to related parties

 

 

(209

)

 

 

(401

)

Net cash provided by operating activities

 

 

26,796

 

 

 

29,651

 

 

 

 

 

 

 

 

INVESTING ACTIVITIES

 

 

 

 

 

 

Additions to vessel and equipment

 

 

(70

)

 

 

(1,430

)

Net cash used in investing activities

 

 

(70

)

 

 

(1,430

)

 

 

 

 

 

 

 

FINANCING ACTIVITIES

 

 

 

 

 

 

Repayment of long-term debt

 

 

(37,700

)

 

 

(20,807

)

Cash distributions

 

 

(2,602

)

 

 

(2,602

)

Net cash used in financing activities

 

 

(40,302

)

 

 

(23,409

)

Effect of exchange rate changes on cash

 

 

(102

)

 

 

(40

)

Net increase (decrease) in cash and cash equivalents

 

 

(13,678

)

 

 

4,772

 

Cash and cash equivalents at the beginning of the period

 

 

63,921

 

 

 

47,579

 

Cash and cash equivalents at the end of the period

 

$

50,243

 

 

$

52,351

 

(1) Included in net income (loss) is interest paid amounting to $17.2 million and $16.6 million for the three months ended March 31, 2024 and 2023, 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,

 

(U.S. Dollars in thousands)

 

March 31,
2024 (unaudited)

 

 

December 31,
2023 (unaudited)

 

Net income (loss)

 

$

7,438

 

 

$

(5,282

)

Interest income

 

 

(828

)

 

 

(992

)

Interest expense

 

 

17,465

 

 

 

18,101

 

Depreciation

 

 

27,742

 

 

 

27,594

 

Income tax expense

 

 

141

 

 

 

1,068

 

EBITDA

 

 

51,958

 

 

 

40,489

 

Other financial items (a)

 

 

(4,507

)

 

 

5,206

 

Adjusted EBITDA

 

$

47,451

 

 

$

45,695

 

(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.


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