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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