KNOT Offshore Partners generated total revenues of $96.8 million and a net income of $3.4 million for the second quarter ended June 30. Operating income reached $15.6 million, aided by a fleet utilisation rate of 96.8 per cent for scheduled operations.
Available liquidity at the close of the period rose to $143.3 million, comprising $95.3 million in cash and cash equivalents alongside $48 million under an undrawn revolving credit facility.
Total operating expenses for the three-month period stood at $81.2 million, which included vessel operating costs of $36.4 million and depreciation of $42.1 million.
Regarding commercial charters, Galp Sinopec exercised an option on June 30 to extend its time charter for Live Knutsen by three years until December 2029.
Equinor subsequently extended its charter agreement for Synnøve Knutsen on July 3 for two years, keeping the shuttle tanker contracted until February 2029.
On September 1, subsidiary KNOT Shuttle Tankers acquired the 2024-built dynamic positioning shuttle tanker Hedda Knutsen from Knutsen NYK Offshore Tankers for an initial net price of approximately $24.4 million.
The vessel is currently chartered to Petrobras in Brazil through November 2034, with the charterer holding an option to extend the agreement by five years.
Refinancing efforts also progressed as several subsidiaries secured a new $225 million loan facility on August 7 through DNB Bank to replace maturing debt across five tankers.
According to Chief Executive Officer and Chief Financial Officer Derek Lowe, the partnership entered the second half of 2026 fully contracted, while maintaining a positive outlook for shuttle tanker demand across Brazil and the North Sea.
