KNOT Offshore Partners LP Announces Update to Vessel Acquisition Schedule

KNOT Offshore Partners LP (KNOP) provided an update on the acquisition schedule of shuttle tankers from its sponsor, Knutsen NYK Offshore Tankers AS (Knutsen NYK). KNOP was offered three vessels: Frida Knutsen, Sindre Knutsen, and Hedda Knutsen. The Conflicts Committee of KNOP decided not to acquire Frida Knutsen and Sindre Knutsen because these vessels, operating in the North Sea since late 2022, do not fit KNOP's business model due to lacking fixed or guaranteed charter contracts of sufficient duration. Knutsen NYK is no longer obligated to offer these two vessels to KNOP unless they secure a charter of at least 5 years. Negotiations are ongoing for the acquisition of Hedda Knutsen.