The following is a summary of the KNOT Offshore Partners LP (KNOP) Q4 2023 Earnings Call Transcript:

Financial Performance:

• KNOT Offshore Partners reported Q4 revenues of $73 million and an operating income of $18.1 million.

• Net loss was registered, primarily due to an unrealized non-cash loss of $8.9 million on derivatives, adjusted EBITDA stood at $45.7 million.

• The company closed the quarter with liquid assets amounting to $63.9 million in cash and equivalents.

• The company successfully reduced liabilities by $92 million, indicative of the substantial debt repayments made over the year.

Business Progress:

• KNOT Offshore Partners reported high vessel utilization of 99.6% for scheduled operations.

• Several contracts were renewed, including Carmen Knutsen with a one-year extension by Repsol and continued time charters with sponsor Knutsen NYK.

• The Company secured contracted revenue of $699 million on fixed contracts averaging two years in duration.

• Commercial efforts are laser-focused on securing additional contract coverage for selected vessels.

• The Company anticipates growth supported by increased production in shuttle tanker fields and a favorable industry outlook.

More details: KNOT Offshore IR

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