Knot Offshore Partners Lp Stock Price, News & Analysis

KNOT Offshore Partners LP (NYSE:KNOP) announced that the upcoming U.S. Treasury and IRS regulations on publicly traded partnerships will not affect its unitholders, effective January 1, 2023. These regulations mandate a 10% tax withholding for certain non-U.S. partners, potentially restricting non-U.S. investors' ability to hold such interests. However, KNOP has elected to be treated as a C corporation for tax purposes, which exempts its unitholders from these regulations. This corporate structure allows the Partnership to issue a Form 1099 instead of a Form K-1.

KNOT Offshore Partners LP (NYSE:KNOP) reported Q3 2022 total revenues of $67.8 million, an increase from $64.0 million in Q2 2022. The partnership achieved an operating income of $15.7 million and a net income of $16.0 million. Adjusted EBITDA was $43.3 million with distributable cash flow at $10.9 million. The fleet maintained a high utilization rate of 99.7%. A quarterly cash distribution of $0.52 per common unit was declared. However, the company anticipates potential challenges in the North Sea due to oversupply and seeks additional employment opportunities.

KNOT Offshore Partners LP (NYSE:KNOP) will release its Third Quarter 2022 financial results on November 30, 2022, before market opening.

The Partnership will hold a conference call on the same day at 10:00 AM Eastern Time for discussing the results, which interested parties can join via phone or webcast. The earnings presentation will also be available on its website. A recording of the call will be accessible until December 7, 2022.

KNOT Offshore operates shuttle tankers primarily under long-term charters in the North Sea and Brazil.

KNOT Offshore Partners LP (NYSE:KNOP) has declared a quarterly cash distribution of $0.52 per unit for the quarter ended September 30, 2022. This annualizes to $2.08 per unit. The distribution will be paid on November 9, 2022, to all unitholders on record as of the close of business on October 27, 2022. KNOT Offshore focuses on owning and operating shuttle tankers under long-term charters in offshore oil production areas, primarily in the North Sea and Brazil.

Knot Offshore Partners LP (NYSE:KNOP) has announced that its 2022 Annual Meeting will take place on October 20, 2022, with a record date for voting set on September 20, 2022. The meeting is scheduled for 3:00 PM UK time at One Elmfield Park, Bromley, United Kingdom. Prior to the meeting, notice and agenda will be distributed. In light of potential public health regulations, the location may change or the meeting could be held remotely, with announcements made in advance.

KNOT Offshore Partners LP (NYSE:KNOP) reported total revenues of $64.0 million for the second quarter of 2022, a slight decrease from $65.2 million in the previous quarter. Operating income fell to $13.4 million compared to $17.5 million in Q1. Net income was $9.9 million, down from $26.8 million in Q1, attributable to increased expenses and drydockings. Distributable cash flow decreased to $9.4 million. The partnership maintained 100% utilization for scheduled operations. Liquidity remains strong at $123.5 million.

KNOT Offshore Partners LP (NYSE:KNOP) will release its Second Quarter 2022 financial results before market open on August 25, 2022. The Partnership will hold a conference call on the same day at 11:00 AM ET to discuss the results. Shareholders and interested parties can participate via phone or webcast through the company’s website. The earnings presentation will be available ahead of the call, and a recording will remain accessible until September 1, 2022.

KNOT Offshore Partners LP (NYSE:KNOP) has declared a quarterly cash distribution of $0.52 per unit for the quarter ended June 30, 2022, equating to an annualized rate of $2.08 per unit. The distribution will be paid on August 11, 2022 to unitholders on record as of July 28, 2022. KNOT Offshore specializes in owning and operating shuttle tankers under long-term charters in offshore oil production regions.

KNOT Offshore Partners LP (NYSE:KNOP) announced the acquisition of KNOT Shuttle Tankers 35 AS, which owns the shuttle tanker Synnøve Knutsen, for $119 million. This purchase is financed non-dilutively through a sale and leaseback agreement related to the Torill Knutsen. The Synnøve Knutsen, a 153,000-deadweight ton DP2 Suezmax class tanker, operates in Brazil under a five-year charter with Equinor Shipping Inc., extendable for up to 15 years. This acquisition enhances distribution coverage and increases average charter duration, improving liquidity and reducing refinancing needs.