Strong Financial Performance
Revenues were $87.1 million, operating income of $22.2 million, and net income of $6.8 million. Adjusted EBITDA stood at $51.6 million, with available liquidity increasing by $4 million compared to the previous quarter.
High Fleet Utilization
Achieved 96.8% fleet utilization, taking into account the start of 2 drydockings.
Successful Fleet Expansion
Refinanced Tove Knutsen with a sale and leaseback transaction that netted $32 million in cash. Acquired Daqing Knutsen with a $95 million combination of cash and debt.
Increased Charter Coverage
Extended charter coverage through new agreements, including the Brasil Knutsen going on charter to Equinor and Repsol Sinopec extending the Raquel Knutsen charter through June 2028.
Initiation of Buyback Program
Initiated a $10 million unit buyback program, purchasing 226,000 common units at an average price of $7.24 per unit.