KNOT Offshore Partners LP (the “Partnership”) (NYSE:KNOP) announced
today that it has completed its acquisition of the ownership interests
in the company that owns and operates the shuttle tanker Ingrid
Knutsen for an aggregate purchase price of $115.0 million. The
Partnership has financed the purchase price with cash in hand, and the
assumption of $104.5 million of outstanding indebtedness related to the
vessel.
The Ingrid Knutsen is an 112,000-deadweight ton shuttle tanker,
built by Hyundai Heavy Industries in South Korea and delivered in
December 2013. The vessel is operating in the North Sea under a ten-year
time charter with Standard Marine Tønsberg AS (a Norwegian subsidiary of
ExxonMobil), which will expire in the first quarter of 2024. The
charterer has options to extend the charter for one three-year period
and one two-year period.
Including the Ingrid Knutsen, the Partnership now has a fleet of
ten vessels with an average age of 3.8 years and a fixed average
employment of 5.8 years.
About KNOT Offshore Partners LP
The Partnership owns, operates and acquires shuttle tankers under
long-term charters in the deep-water offshore oil production regions of
the North Sea and Brazil. The Partnership is structured as a master
limited partnership. The Partnership’s common units trade on the New
York Stock Exchange under the symbol “KNOP.”
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