Knot Offshore Partners Lp · NYSE:KNOP
Knot Offshore Partners Lp — KNOT Offshore Partners LP Common Units representing Limited Partner Interests — Q2 2025 Earnings Presentation
29 slides from Knot Offshore Partners Lp's earnings presentation, Sep 26, 2025
Slide 1: 2Q 2025 Earnings Presentation
25.09.2025 2Q 2025 September 2025 (NYSE:KNOP)
Slide 2: Forward-looking statements
25.09.2025 Forward-looking statements general market conditions, including fluctuations in hire rates and vessel values; changes in KNOP’s operating expenses, including drydocking and insurance costs This presentation contains certain forward-looking statements (as defined in Section and bunker pric
Slide 3: 2Q 2025 and subsequent: financial and operational headlines
25.09.2025 • 2Q 2025 financial headlines include: 2Q 2025 and • Revenues: $87.1m subsequent: • Operating income: $22.2m • Net income: $6.8m financial and • Adjusted EBITDA: $51.6m operational • Available liquidity on June 30, 2025: $104.8m, comprising $66.3m in cash and cash equivalents plus $38.5m
Slide 4: 2Q 2025: key developments
25.09.2025 Brasil Knutsen 2Q 2025: key On April 15, 2025, Petrorio extended the redelivery timing for the Brasil Knutsen to September 2025. This redelivery is now expected in October 2025, promptly following developments which the Brasil Knutsen is due to commence operations with Equinor Windsor Knu
Slide 5: 3Q 2025 to-date: key developments
25.09.2025 Daqing Knutsen KNOP purchased the Daqing Knutsen on July 2, 2025, for $95m, less $70.5m of outstanding debt plus $0.3m of capitalised fees, i.e. a net cash cost of $24.8m. 3Q 2025 to-date: The vessel is on time charter to PetroChina in Brazil through July 2027. As a term of the acquisitio
Slide 6: Daqing Knutsen purchase
25.09.2025 Overview of July 2, 2025 Transaction Strategic and Commercial Implications Daqing Knutsen • On July 2, 2025, we purchased the Daqing • The Daqing Knutsen acquisition provides: purchase Knutsen from KNOT • Purchase price: $95m less $70.2m of net • Fleet growth • Increased pipeline of long-
Slide 7: Autumn 2025 momentum
25.09.2025 • Continued tightening in market for shuttle tankers Autumn 2025 • Brazil: FPSO ordering continues and recent deliveries being made momentum early • North Sea: Johan Castberg production start, following Penguins in February • Contractual backlog expanded (as at June 30, 2025) • Market Tig
Slide 8: Financial results 2Q 2025
25.09.2025 Financial results 2Q 2025 8
Slide 9: Income statement
25.09.2025 Income Unaudited, USD thousands Time charter and bareboat revenues 2Q 2025 85,920 1Q 2025 82,991 4Q 2024 84,434 3Q 2024 75,682 YTD 2025 168,911 FY 2024 306,915 FY 2023 277,084 statement Voyage revenues Loss of hire insurance recoveries Other income — 607 533 466 — 572 438 5,892 491 124 —
Slide 10: Adjusted EBITDA
25.09.2025 Adjusted Unaudited, USD thousands Net income (loss) 2Q 2025 6,810 1Q 2025 7,581 4Q 2024 23,250 3Q 2024 (3,773) YTD 2025 14,391 FY 2024 14,696 FY 2023 (34,328) EBITDA Interest income (903) (748) (1,054) (857) (1,651) (3,636) (3,468) Interest expense 15,316 14,902 16,167 16,857 30,218 67,35
Slide 11: Balance sheet
25.09.2025 Balance Unaudited, USD thousands Current assets: At June 30, 2025 At Dec 31, 2024 Current liabilities: At June 30, 2025 At Dec 31, 2024 sheet Cash and cash equivalents Inventories 66,322 3,598 66,933 3,304 Current portion of long-term debt Current lease liabilities 179,030 1,004 256,659 1
Slide 12: Long-term borrowings reported at June 30, 2025
25.09.2025 Outstanding at Vessels providing Long-term Unaudited, USD thousands Original amount1 June 30, 2025 (pro forma Q3 of which Current Balloon due at Instalments2 maturity3 security at June 30, 2025 borrowings 1. Loan due October 2025 192,100 refinancings) 73,446 1,185 71,076 Synnøve 2. RCF wi
Slide 13: Debt maturity profile
25.09.2025 Debt maturity profile 600,000 500,000 • Access to wide pool of lenders, attractive bank finance and several key lender relationships with major players 400,000 US$ (000) 300,000 • Chart updated for the effect on debt of: • acquisition of Daqing Knutsen on July 2, 200,000 2025 • Tove Knuts
Slide 14: KNOP – Looking Forward
25.09.2025 KNOP – Looking Forward 2Q 2025 14
Slide 15: Forward contracted revenue backed by leading energy companies
September 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2025(1) 25.09.2025 PUBLICATION Shell InsurancePetroChina Shell ExxonMobil . Windsor 15 . 18 20 2Q 2025 Equinor KNOT . Equinor Bodil * 10 . 15 18 . Transpetro (BBC) Transpetro (TC) Fortaleza 15 18 Forward contracted Recife Tra
Slide 16: Forward contract coverage in September 2025
25.09.2025 Forward contract coverage 100% in September 2025 90% 80% 70% • This chart includes any contract developments after June 30, 2025, up to 60% the date of the Partnership’s 2Q 2025 50% Earnings Release. 40% • Based on current charter rates, charterers’ options are expected to be exercised 30
Slide 17: Dropdown inventory held/ordered by Sponsor in September 2025
25.09.2025 2022 2023 2024 2025 2026 2027 2028 Eni Dropdown inventory Frida * Sindre * Eni 5 5 . held/ordered by Hedda Petrobras Sponsor in Eli Petrobras Petrobras KNOT (H1027) September 2025 KNOT (H1028) Petrobras PetroRio KNOT (H6) The acquisition by KNOP of any dropdown Petrobras vessels in the fu
Slide 18: Continued growth in offshore oil production outlook in Brazil
25.09.2025 Continued growth in offshore oil production outlook in Brazil • Particular emphasis on shuttle tanker-serviced Pre-Salt fields Source: Petrobras Strategic Plan 2025-2029, announcement on November 22, 2024 https://petrobras.com.br/en/quem-somos/estrategia 18
Slide 19: Petrobras' outlook for 2025
25.09.2025 Petrobras’ outlook for 2025 • Continued offshore production growth • Deployment of state-of-the-art FPSOs with decades- long use profiles Source: Petrobras’ results presentation for 2024 19
Slide 20: FPSO ordering and deliveries continuing at pace in Brazil
25.09.2025 FPSO ordering and deliveries continuing at pace in Brazil Source: Petrobras Strategic Plan 2025-2029, announcement on November 22, 2024 https://petrobras.com.br/en/quem-somos/estrategia 20
Slide 21: 2Q 2025 & subsequent summary
25.09.2025 2Q 2025 Developments in 3Q to date 2Q 2025 & subsequent • 100% utilization for scheduled • Purchased Daqing Knutsen, summary operations, taking into account including 7 years of fixed or the schedule for drydocking of guaranteed charters the Raquel Knutsen and Windsor Knutsen (96.8% • Ref
Slide 22: Near-term priorities
25.09.2025 Near-term priorities • Continue to focus on safe operation • Maintain high scheduled operational utilization • Continue growth in earnings visibility and liquidity by working to secure additional charter coverage in the medium term • Opportunistically deploy incremental capital towards co
Slide 23: Questions
25.09.2025 Questions 2Q 2025 23
Slide 24: Appendix
25.09.2025 Appendix 2Q 2025 24
Slide 25: Our investment case (1/2)
25.09.2025 Our investment case (1/2) • Clear market leader in the operation of shuttle tankers; Sponsor has more than 40 years’ experience and investment in this business. • Specialist vessels serving as critical infrastructure with limited replacement risk and multi-decade lifespans • Required to d
Slide 26: Our investment case (2/2)
25.09.2025 Our investment case (2/2) • Target fixed rate contracts that are typically 1 to 7 years and that do not depend on short-term oil prices, where the customer bears vessel utilisation risk and all operational costs including fuel, with a fall-back into conventional spot tanker market if offs
Slide 27: US investor considerations
25.09.2025 US investor KNOP issues a 1099 rather than a K-1 considerations US investors are directed to the Investors FAQs and US Tax Information sections of KNOP’s website: • www.knotoffshorepartners.com/investors/investor-faqs/ • www.knotoffshorepartners.com/investors/stock-info/us-tax-information
Slide 28: Non-GAAP financial measures
25.09.2025 Non-GAAP financial measures Adjusted EBITDA The Partnership believes that Adjusted EBITDA assists its management and investors by increasing the comparability of its performance from Adjusted EBITDA refers to earnings before interest, depreciation, taxes, period to period and against the
Slide 29: KNOT Offshore Partners
K N O l Offshore 25.09.2025 Partners 29