KNOT Offshore Partners Enhances Fleet and Contracts

KNOT Offshore Partners (KNOP) has released an update.

KNOT Offshore Partners LP has upgraded its fleet by swapping the older Dan Cisne tanker for the newer, state-of-the-art Suezmax class shuttle tanker Tuva Knutsen, ensuring contracted revenues until 2031 with a fixed charter through 2026. The $97.5 million acquisition of Tuva Knutsen, which offsets the $30 million sale of Dan Cisne, represents a strategic move to reduce fleet age and increase capacity in high-demand tanker classes. This fleet enhancement is expected to bolster long-term contracts and create value for unitholders without additional funding requirements.

For further insights into KNOP stock, check out TipRanks’ Stock Analysis page.