KNOT Offshore Partners (KNOP) Company Report

Analyst Coverage

Research analysts who have asked questions during KNOT Offshore Partners earnings calls.

Liam Burke

B. Riley Financial

7 questions for KNOP

Also covers: ALTG, BWMN, CCEC +22 more

Climent Molins

Value Investors

5 questions for KNOP

Also covers: CLCO, CMBT, CMRE +11 more

James Altschul

Aviation Advisory Service

3 questions for KNOP

Charles Fratt

Alliance Global Partners

2 questions for KNOP

Also covers: EDRY, ESEA, GNK +5 more

Mario Epelbaum

First New York

2 questions for KNOP

Pavel Oliva

RockHill Global

2 questions for KNOP

Poe Fratt

Alliance Global Partners

2 questions for KNOP

Also covers: CYN, DTI, EDRY +13 more

Charles 'Poe' Fratt

AGP

1 question for KNOP

Also covers: PANL, VTS

Fredrik

Felisecurities Securities

1 question for KNOP

Also covers: HEPS

Latest news

Recent press releases and 8-K filings for KNOP.

KNOP Reports Q3 2025 Results, Acquisition, and Takeover Bid

KNOP

Earnings

Takeover Bid

M&A

For Q3 2025, KNOP reported revenues of $96.9 million, operating income of $30.6 million, and net income of $15.1 million.
The company expanded its fleet by purchasing the Daqing Knutsen for a net cash cost of $24.8 million and secured extended time charters for the Hilda Knutsen and Bodil Knutsen, along with a new time charter for the Fortaleza Knutsen.
KNOP completed several debt refinancings, including generating $32 million in net proceeds from the Tove Knutsen sale & leaseback and rolling over two $25 million revolving credit facilities.
A common unit buyback program concluded in October 2025 with the purchase of 384,739 common units for $3.03 million. Additionally, KNOP received an unsolicited non-binding offer from KNOT in October 2025 to purchase all publicly held common units for $10 in cash per common unit.

Dec 5, 2025, 2:30 PM

Presentation

KNOP Reports Q3 2025 Results and Receives Takeover Offer

KNOP

Earnings

Takeover Bid

Share Buyback

KNOP reported Q3 2025 revenues of $96.9 million, operating income of $30.6 million, net income of $15.1 million, and Adjusted EBITDA of $61.6 million. Available liquidity as of September 30, 2025, was $125.2 million.
The company received an unsolicited and non-binding offer from its sponsor, KNOT, to acquire publicly owned common units for $10 per common unit, which is currently under evaluation by the Conflicts Committee.
During Q3 2025, KNOP purchased the Daqing Knutsen, completed two refinancings, and secured charter extensions for the Hilda Knutsen and Bodil Knutsen. The company also concluded a unit buyback program, repurchasing approximately 395,000 common units for $3 million.
Subsequent to Q3, KNOP completed two additional refinancings and secured a new time charter for the Fortaleza Knutsen. The company's fixed contract backlog stood at $963 million as of September 30, 2025, averaging 2.6 years.

Dec 5, 2025, 2:30 PM

Transcript

KNOT Offshore Partners Reports Q3 2025 Results and Receives Takeover Offer

KNOP

Earnings

Share Buyback

Takeover Bid

KNOT Offshore Partners (KNOP) reported Q3 2025 revenues of $96.9 million, operating income of $30.6 million, net income of $15.1 million, and Adjusted EBITDA of $61.6 million.
The company received an unsolicited, non-binding offer from its sponsor, KNOT, to buy publicly owned common units for $10 per common unit, which is currently under evaluation by a Conflicts Committee.
KNOP achieved 99.9% utilization (96.5% overall) and ended Q3 2025 with $125.2 million in available liquidity, an increase of $20.4 million from Q2 2025.
During and since Q3 2025, KNOP acquired the Dan Cisne vessel, completed a $3 million share buyback program, and executed four refinancings, extending its fixed contract backlog to $963 million as of September 30, 2025.

Dec 5, 2025, 2:30 PM

Transcript

KNOT Offshore Partners Reports Q3 2025 Results and Receives Takeover Bid

KNOP

Earnings

Share Buyback

Takeover Bid

KNOT Offshore Partners reported Q3 2025 revenues of $96.9 million, operating income of $30.6 million, net income of $15.1 million, and Adjusted EBITDA of $61.6 million. The company maintained strong utilization at 96.5% overall and had $125.2 million in available liquidity as of September 30, 2025.
The company received an unsolicited and non-binding offer from its sponsor, KNOT, to acquire publicly owned common units for $10 per common unit. This offer is currently under evaluation by the Conflicts Committee.
KNOT Offshore Partners concluded its unit buyback program in October, having purchased just under 385,000 common units at an average cost of $7.87 per common unit, totaling over $3 million.
The company extended its backlog to $963 million of fixed contracts as of September 30, 2025, averaging 2.6 years, and secured new charter agreements and extensions for several vessels. It also completed four refinancings in the second half of 2025.

Dec 5, 2025, 2:30 PM

Transcript

KNOT Offshore Partners Reports Strong Q3 Earnings, Board Reviews $10 Buyout Offer

KNOP

Earnings

M&A

Share Buyback

KNOT Offshore Partners reported strong financial improvements in Q3 2025, with revenues reaching $96.9 million and net income rising to $15.1 million. The company also saw an improvement in EPS from a loss of approximately $0.42 in Q2 2024 to a positive $0.15 in Q2 2025.
Despite these operational improvements, the company faces financial distress indicators, including a low Altman Z-Score of 0.52 and a high debt-to-equity ratio of 1.48.
The company's sponsor, KNOT, has proposed a nonbinding acquisition offer at $10 per unit, which is currently under review by the Conflicts Committee.
In July 2025, KNOP acquired a DP2 shuttle tanker with a guaranteed hire rate through 2032 and initiated a buyback program that repurchased over 384,000 common units by October.

Dec 5, 2025, 1:53 AM

Morningstar

KNOT Offshore Partners LP Reports Q3 2025 Results and Receives Takeover Bid

KNOP

Earnings

Takeover Bid

Share Buyback

KNOT Offshore Partners LP generated total revenues of $96.9 million, operating income of $30.7 million, and net income of $15.1 million for the three months ended September 30, 2025.
As of September 30, 2025, the Partnership reported $125.2 million in available liquidity, which included $77.2 million in cash and cash equivalents and $48 million in undrawn revolving credit facility capacity.
The fleet operated with 99.87% utilization for scheduled operations in Q3 2025.
On October 31, 2025, KNOT received an unsolicited non-binding proposal to acquire all publicly held common units of the Partnership for $10 in cash per common unit.
During Q3 2025, the Partnership acquired the Daqing Knutsen for $95 million and concluded a buyback program by repurchasing 384,739 common units for an aggregate cost of $3.03 million.

Dec 4, 2025, 9:20 PM

6-K

KNOT Offshore Partners Receives Takeover Bid from Knutsen NYK Offshore Tankers

KNOP

M&A

Takeover Bid

Knutsen NYK Offshore Tankers AS has submitted an unsolicited, non-binding proposal to acquire all publicly held common units of KNOT Offshore Partners LP (KNOP) at $10 per unit via a merger.
The KNOP Board's Conflicts Committee, composed of independent directors, is reviewing the offer with advisors, and there is no certainty that the transaction will be completed.
Following the announcement of the buyout proposal, KNOP shares rose approximately 9%.
KNOP demonstrates strong operational efficiency with a 60.99% EBITDA margin and 3% revenue growth over three years, but also has a high debt-to-equity ratio of 1.48 and liquidity concerns.

Nov 3, 2025, 11:27 AM

Morningstar

KNOT Offshore Partners LP Receives Buyout Offer

KNOP

M&A

Takeover Bid

KNOT Offshore Partners LP (KNOP) received an unsolicited non-binding proposal on October 31, 2025, from Knutsen NYK Offshore Tankers AS (KNOT) to acquire all publicly held common units of the Partnership.
The offer proposes $10 in cash per common unit.
The proposed transaction, which would be effectuated through a merger, is subject to several contingencies, including approvals by the KNOP Conflicts Committee, the KNOP Board, the KNOT board of directors, and a majority of KNOP's outstanding unit holders.

Nov 3, 2025, 11:19 AM

6-K

KNOP Receives Buyout Offer

KNOP

M&A

Takeover Bid

KNOT Offshore Partners LP (KNOP) has received an unsolicited non-binding proposal from Knutsen NYK Offshore Tankers AS (KNOT) to acquire all publicly held common units.
The offer proposes $10 in cash per common unit.
The proposed transaction is subject to several contingencies, including approvals from the KNOP Conflicts Committee, the KNOP Board, and a majority of the Partnership's outstanding common, Class B, and preferred units.
There is no assurance that a definitive agreement will be executed or that any transaction will materialize.

Nov 3, 2025, 11:15 AM

Press Release

KNOT Offshore Partners LP Announces Q3 2025 Cash Distribution

KNOP

Dividends

KNOT Offshore Partners LP (KNOP) announced a quarterly cash distribution for the third quarter ended September 30, 2025.
The distribution amount is US$ 0.026 per common unit.
This cash distribution will be paid on November 6, 2025, to unitholders of record as of October 27, 2025.
The Partnership's strategy includes accretive investment in its fleet and maintaining a long-term, sustainable distribution.