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Earnings Call Summary | KNOT Offshore(KNOP.US) Q4 2023 Earnings Conference

moomoo AI ·  Feb 27 12:38  · Conference Call

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

Tips: This article is generated by AI. The accuracy of the content can not be fully guaranteed. For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.

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