As of 30 June 2025, Astaris Capital Management LLP, its UK and Cayman affiliates, and control person Martin Beck report collective beneficial ownership of 2,207,299 common units, representing 6.5 % of KNOP’s outstanding units. The group holds shared voting and dispositive power over the entire stake and no sole authority. All units are owned by advisory clients of Astaris Capital Management LLP; no individual client exceeds the 5 % threshold.
The filing is made on a passive basis under Schedule 13G. Signatories certify the position was not acquired to influence control of the issuer. Martin Beck executed the certification on behalf of each reporting person on 5 Aug 2025.
Positive
Astaris Capital Management and affiliates disclose a 6.5 % stake (2.21 M units) in KNOP, expanding the partnership’s institutional ownership base.
Negative
None.
Insights
TL;DR Passive 13G shows Astaris owns 6.5 % of KNOP; modestly positive signal but limited control implications.
Materiality: A 6.5 % equity stake crosses the 5 % disclosure threshold, alerting investors to a meaningful institutional position. However, the filing is under Schedule 13G rather than 13D, indicating no activist intent. The shared, not sole, voting power and the disclaimer of beneficial ownership beyond pecuniary interest reduce governance impact. For KNOP, the appearance of a new (or increased) professional asset-manager holder can marginally broaden the investor base and potentially aid liquidity, yet does not directly alter fundamentals or strategy. Absent price-sensitive commentary, the disclosure is best viewed as informational.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 1)
KNOT Offshore Partners LP
(Name of Issuer)
Common Units Representing Limited Partner Interests
(Title of Class of Securities)
Y48125101
(CUSIP Number)
06/30/2025
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
SCHEDULE 13G
CUSIP No.
Y48125101
1
Names of Reporting Persons
Astaris Capital Management LLP
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED KINGDOM
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
2,207,299.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
2,207,299.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
2,207,299.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
6.5 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
CUSIP No.
Y48125101
1
Names of Reporting Persons
Astaris Capital Management (UK) Limited
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED KINGDOM
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
2,207,299.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
2,207,299.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
2,207,299.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
6.5 %
12
Type of Reporting Person (See Instructions)
HC, CO
SCHEDULE 13G
CUSIP No.
Y48125101
1
Names of Reporting Persons
Astaris Capital Management (Cayman) Limited
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CAYMAN ISLANDS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
2,207,299.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
2,207,299.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
2,207,299.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
6.5 %
12
Type of Reporting Person (See Instructions)
HC, CO
SCHEDULE 13G
CUSIP No.
Y48125101
1
Names of Reporting Persons
Martin Beck
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED KINGDOM
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
2,207,299.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
2,207,299.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
2,207,299.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
6.5 %
12
Type of Reporting Person (See Instructions)
HC, IN
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
KNOT Offshore Partners LP
(b)
Address of issuer's principal executive offices:
2 Queens Cross, Aberdeen, AB15 4YB, United Kingdom
Item 2.
(a)
Name of person filing:
Astaris Capital Management LLP
Astaris Capital Management (UK) Limited
Astaris Capital Management (Cayman) Limited
Martin Beck
(b)
Address or principal business office or, if none, residence:
Astaris Capital Management LLP
3 Tilney Street
London W1K 1BQ
United Kingdom
Astaris Capital Management (UK) Limited
3 Tilney Street
London W1K 1BQ
United Kingdom
Astaris Capital Management (Cayman) Limited
P.O. Box 309
Ugland House
Grand Cayman KY1-1104
Cayman Islands
Martin Beck
c/o Astaris Capital Management LLP
3 Tilney Street
London W1K 1BQ
United Kingdom
(c)
Citizenship:
Astaris Capital Management LLP - United Kingdom
Astaris Capital Management (UK) Limited - United Kingdom
Astaris Capital Management (Cayman) Limited - Cayman Islands
Martin Beck - United Kingdom
(d)
Title of class of securities:
Common Units Representing Limited Partner Interests
(e)
CUSIP No.:
Y48125101
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
Astaris Capital Management LLP - 2,207,299
Astaris Capital Management (UK) Limited - 2,207,299
Astaris Capital Management (Cayman) Limited - 2,207,299
Martin Beck - 2,207,299
(b)
Percent of class:
Astaris Capital Management LLP - 6.5%
Astaris Capital Management (UK) Limited - 6.5%
Astaris Capital Management (Cayman) Limited - 6.5%
Martin Beck - 6.5%
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
Astaris Capital Management LLP - 0
Astaris Capital Management (UK) Limited - 0
Astaris Capital Management (Cayman) Limited - 0
Martin Beck - 0
(ii) Shared power to vote or to direct the vote:
Astaris Capital Management LLP - 2,207,299
Astaris Capital Management (UK) Limited - 2,207,299
Astaris Capital Management (Cayman) Limited - 2,207,299
Martin Beck - 2,207,299
(iii) Sole power to dispose or to direct the disposition of:
Astaris Capital Management LLP - 0
Astaris Capital Management (UK) Limited - 0
Astaris Capital Management (Cayman) Limited - 0
Martin Beck - 0
(iv) Shared power to dispose or to direct the disposition of:
Astaris Capital Management LLP - 2,207,299
Astaris Capital Management (UK) Limited - 2,207,299
Astaris Capital Management (Cayman) Limited - 2,207,299
Martin Beck - 2,207,299
Item 5.
Ownership of 5 Percent or Less of a Class.
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
All of the securities reported in this Schedule 13G Amendment No. 1 are directly owned by advisory clients of Astaris Capital Management LLP. None of those advisory clients may be deemed to beneficially own more than 5% of the Common Units Representing Limited Partner Interests.
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary.
Please see Exhibit B attached hereto.
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Astaris Capital Management LLP
Signature:
By: /s/ Martin Beck
Name/Title:
Martin Beck / Partner & Designated Member
Date:
08/05/2025
Astaris Capital Management (UK) Limited
Signature:
By: /s/ Martin Beck
Name/Title:
Martin Beck / Director
Date:
08/05/2025
Astaris Capital Management (Cayman) Limited
Signature:
By: /s/ Martin Beck
Name/Title:
Martin Beck / Director
Date:
08/05/2025
Martin Beck
Signature:
By: /s/ Martin Beck
Name/Title:
Martin Beck
Date:
08/05/2025
Comments accompanying signature: * Each Reporting Person disclaims beneficial ownership of the reported securities except to the extent of his or its pecuniary interest therein, and this report shall not be deemed an admission that such Reporting Person is the beneficial owner of the securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.
Exhibit Information
Exhibit A - Joint Filing Agreement
Exhibit B - Control Person Identification
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