DP2 (also known as CRTH2) is a protein on certain immune cells that senses a chemical signal involved in allergic inflammation and helps attract and activate those cells. For investors, DP2 matters because drugs that block this receptor can dial down asthma and other allergic conditions; think of DP2 as a door lock and a drug as a block that prevents inflammatory cells from rushing in, which affects a drug’s clinical and commercial prospects.
suezmaxtechnical
Suezmax is the classification for the largest oil tanker size that can pass through the Suez Canal fully loaded; think of it as the biggest truck that still fits down a narrow highway. It matters to investors because ship size influences shipping costs, route choices and supply-chain flexibility — factors that affect oil transport expenses, freight rates and the profitability of energy and shipping companies.
time charterfinancial
A time charter is an agreement where a ship owner rents out their vessel to a customer for a set period, during which the customer has control over the ship’s use and operation. This arrangement matters to investors because it provides a steady income stream for the ship owner and indicates ongoing demand for shipping services, reflecting the health of global trade and transportation markets.
senior secured credit facilityfinancial
A senior secured credit facility is a loan or revolving line of credit where lenders have first legal claim on specific company assets (collateral) and the debt ranks above other obligations for repayment. For investors it signals where a lender sits in the repayment pecking order and how much protection creditors have if the company struggles, affecting credit costs, the company’s ability to borrow more, and potential recoveries in a default — like a mortgage taking priority over other claims on a house.
sofrfinancial
The Secured Overnight Financing Rate (SOFR) is a market benchmark that measures the cost of borrowing cash overnight using U.S. Treasury securities as collateral. Investors watch SOFR because it acts like a speedometer for short-term interest costs—affecting loan rates, bond yields and the pricing of interest-rate contracts—so movements change borrowing expenses, cash returns and the value of interest-sensitive investments.
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KNOT Offshore Partners LP (NYSE:KNOP) (“KNOP”, “we” or ”us”) announced today that its wholly owned subsidiary, KNOT Shuttle Tankers AS, has agreed to acquire Knutsen Canadian Chartering AS, the company that owns the shuttle tanker, Hedda Knutsen, from Knutsen NYK Offshore Tankers AS (the “Acquisition”).
The purchase price is $113.0 million, less $89.4 million of outstanding indebtedness, plus $0.8 million of capitalized fees related to the credit facility secured by the Hedda Knutsen.The initial cost of the Acquisition will therefore be approximately $24.4 million, and is subject to customary post-closing adjustments for working capital.
The Hedda Knutsen, a 154,000-deadweight ton DP2 Suezmax class shuttle tanker, was built by COSCO Shipping Heavy Industry and delivered in 2024. The vessel is operating in Brazil on a time charter with Petrobras, for which the current fixed period expires in November 2034, and for which the charterer holds an option for a further 5 years.
The Acquisition was approved by KNOP’s Board of Directors and independent Conflicts Committee, who were supported by an outside independent financial advisor and outside legal counsel.
$225 million loan refinancing completion
On August 7, 2026, KNOP’s subsidiaries that own the Tordis Knutsen, the Vigdis Knutsen (renamed by the current bareboat charterer as ‘Ametista Brazil’), the Lena Knutsen, the Anna Knutsen, and the Brasil Knutsen, entered into a new $225 million senior secured credit facility, with DNB Bank ASA as Agent on behalf of the lenders, in order to refinance their existing term loans in the amount of $225.8 million. The credit facility consists of a term loan repayable in 20 consecutive quarterly instalments, with a balloon payment of $111.1 million due at maturity in June 2031. The credit facility bears interest at a rate per annum equal to SOFR plus a margin of 1.65%. The credit facility is guaranteed by KNOP and secured by mortgages on the five vessels. The new senior secured credit facility refinances the previously existing term loans related to these vessels which were due to mature in September 2026. Closing of this senior secured credit facility took place on August 25, 2026.
About KNOT Offshore Partners LP
KNOT Offshore Partners LP owns, operates and acquires shuttle tankers primarily under long-term charters in the offshore oil production regions of Brazil and the North Sea.
KNOT Offshore Partners LP is structured as a publicly traded master limited partnership but is classified as a corporation for U.S. federal income tax purposes, and thus issues a Form 1099 to its unitholders, rather than a Form K-1. KNOT Offshore Partners LP’s common units trade on the New York Stock Exchange under the symbol “KNOP”.
