Strong Financial Performance
Revenues for Q3 were $96.9 million, operating income was $30.6 million, and net income was $15.1 million. Adjusted EBITDA was $61.6 million. Available liquidity at the end of Q3 was $125.2 million, which is $20.4 million higher than at June 30.
High Utilization Rates
Operated with 99.9% utilization, accounting for scheduled drydocking, which results in 96.5% overall utilization.
Successful Refinancing and Capital Management
Completed two refinancings, including a $25 million revolving credit facility and sale and leaseback for Tove Knutsen, raising a net $32 million. Additional refinancing in Q4 secured with a $71 million loan for the Synnøve Knutsen.
Extended Contractual Backlog
Secured extensions with Shell and Equinor, contributing to a backlog of $963 million in fixed contracts.
Positive Market Trends
Tightening shuttle tanker market in Brazil and the North Sea due to FPSO start-ups and ramp-ups.