KNOT Offshore Partners LP ( (KNOP) ) has released its Q1 earnings. Here is a breakdown of the information KNOT Offshore Partners LP presented to its investors.
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KNOT Offshore Partners LP is a company that owns, operates, and acquires shuttle tankers primarily under long-term charters in offshore oil production regions such as Brazil and the North Sea. In its latest earnings report for the first quarter of 2025, KNOT Offshore Partners LP reported total revenues of $84.0 million, with an operating income of $23.4 million and a net income of $7.6 million. The company also achieved an Adjusted EBITDA of $52.2 million and maintained available liquidity of $100.8 million. The company highlighted a fleet utilization rate of 96.9% for scheduled operations and 99.5% when accounting for scheduled drydockings. Key strategic developments included several contract extensions and new charters, notably with Equinor and Shell, as well as a vessel swap transaction. The company also declared a quarterly cash distribution for its common and preferred unitholders. Looking forward, KNOT Offshore Partners LP remains optimistic about the shuttle tanker market, particularly in Brazil, where demand is expected to grow due to increased offshore oil production. The company is focused on securing long-term charters, enhancing cash flow generation, and capitalizing on market opportunities to create sustainable unitholder value.