Q1 2026 Knot Offshore Partners LP Earnings Call Transcript

May 29, 2026 / 01:30 PM GMT

Release Date Price: $11 (-1.70%)

Transcript

Key Points

Positve

KNOT Offshore Partners LP (KNOP) reported revenues of $92 million for Q1 2026.
The company achieved an operating income of $14.7 million and a net income of $2.6 million.
Adjusted EBITDA was reported at $56.5 million, indicating strong operational performance.
The company maintained a high utilization rate of 97.2%, accounting for scheduled dry docking.
KNOT Offshore Partners LP (KNOP) declared a cash distribution of $0.05 per common unit, marking an increase from previous levels.

Negative

The company experienced a sequential decline in revenues, partly due to downtime from dry docking.
Future depreciation is expected to increase due to a change in the useful life estimate of vessels from 23 years to 20 years.
The company faces upcoming debt maturities, including a $220 million facility in September 2026 and a $65 million facility in October.
There is uncertainty regarding the magnitude of future dividend increases, as decisions are made quarterly by the board.
The aging of the shuttle tanker fleet globally could further tighten supply, posing a potential challenge.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

KNOP.N - Knot Offshore Partners LP
Q1 2026 Knot Offshore Partners LP Earnings Call
May 29, 2026 / 01:30PM GMT

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Presentation
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Unidentified_1 [1]
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Ladies and gentlemen, thank you for joining us and welcome to the NOP first quarter 2026 earnings call.

After today's prepared remarks, we will host a question-and-answer session with an opportunity for equity research analysts to ask questions. If you would like to ask a question, please raise your hand. If you had dialed into today's call, please press star one to raise your hand.

I will now hand the conference over to Derek Lowe. Please go ahead.

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Unidentified_2 [2]
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Thank you, Jade, and good morning, ladies and gentlemen.

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