Knot Offshore Partners Lp · NYSE:KNOP
Knot Offshore Partners Lp — Q4 2021 Earnings Presentation
20 slides from Knot Offshore Partners Lp's earnings presentation, Mar 10, 2022
Slide 1: Fourth Quarter 2021 Results
Fourth Quarter 2021 Results March 10, 2022 (NYSE:KNOP)
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation contains certain forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934, as amended) that reflect management’s current view and involve known and unknown risks and are based upon assumptions and estimates that are inh
Slide 3: Fourth Quarter 2021 and Subsequent Highlights – 1
Fourth Quarter 2021 and Subsequent Highlights – 1 The Partnership maintained very high fleet utilization during the fourth quarter of 2021, generating strong cash- flow and providing solid coverage for our distribution to unitholders: Operated with 100% utilization for scheduled operations, and
Slide 4: Fourth Quarter 2021 and Subsequent Highlights – 2
Fourth Quarter 2021 and Subsequent Highlights – 2 Anna Knutsen Galp Sinopec did not notify the Partnership by the due date of its intention to exercise its option to extend the time charter of the Anna Knutsen and, as a consequence, the vessel was effectively redelivered to the Partnership on Febr
Slide 5: Income Statement
Income Statement Unaudited, USD thousands 4Q 2021 3Q 2021 2Q 2021 1Q 2021 4Q 2020 FY 2021 FY 2020 Time charter and bareboat revenues 70,637 66,559 66,513 65,598 69,864 269,306 278,581 Loss of hire insurance recoveries 1,154 17 4,397 5,882 — 11,450 — Other income 342 3 27 1 (5) 373 641 Total revenues
Slide 6: Adjusted EBITDA
Adjusted EBITDA Unaudited, USD thousands 4Q 2021 3Q 2021 2Q 2021 1Q 2021 4Q 2020 FY 2021 FY 2020 Net income (loss) 23,133 13,527 (10,925) 28,141 24,605 53,876 65,225 Interest income — (2) — — (4) (2) (125) Interest expense 6,646 7,243 6,804 7,372 6,113 28,065 31,645 Depreciation 25,974 26,070 23,831
Slide 7: Balance Sheet
Balance Sheet Unaudited, USD thousands At Dec 31, At Dec 31, At Dec 31, At Dec 31, 2021 2020 2021 2020 Current assets: Current liabilities: Cash and cash equivalents 62,293 52,583 Current portion of long-term debt 88,578 184,188 Inventories 3,305 2,652 Derivative liabilities 6,754 10,695 Amounts due
Slide 8: Distributable Cash Flow
Distributable Cash Flow Unaudited, USD thousands 4Q 2021 3Q 2021 2Q 2021 1Q 2021 4Q 2020 FY 2021 FY 2020 Net income (loss) 23,133 13,527 (10,925) 28,141 24,605 53,876 65,225 Add: Depreciation 25,974 26,070 23,831 23,684 22,466 99,559 89,743 Write-down — — 29,421 — — 29,421 — Other non-cash items; am
Slide 9: Forward Contracted Revenue Backed by Leading Energy Companies
Forward Contracted Revenue Backed by Leading Energy Companies 2020 2021 2022 2023 2024 2025 2026 2027 Contracted period Shell Insurance PetroChina Equinor Charterer’s option Windsor 15 . PetroChina option . . Equinor KNOT Equinor . x Next anticipated drydock, at Bodil . 15 . vessel age (years) Trans
Slide 10: Dropdown Inventory at Sponsor – Potential Acquisitions
Dropdown Inventory at Sponsor – Potential Acquisitions Average firm contracted charter length of 5.3 years (from charter commencement), with charterers’ options to extend by a further 7.3 years on average. 2020 2021 2022 2023 2024 2025 2026 2027 Contracted period KNOT Equinor Charterer’s option Synn
Slide 11: Shuttle Tanker Fleet Ownership and Typical Trading Areas
Shuttle Tanker Fleet Ownership and Typical Trading Areas All data as at February 2022 30 Vessels in service* 67 25 Vessels on order 12 Total expected global fleet 79 20 Brazil 47 Vessels North Sea 27 15 Canada 5 Total expected global fleet 79 10 * 3 vessels that have older DP1 technology are exclude
Slide 12: Current Anticipated Production Growth in Brazil Offshore
Current Anticipated Production Growth in Brazil Offshore Petrobras Key Figures Rio de Janeiro, November 30 , 2021 – Petrobras Day • The average US$/boe lifting cost of Pre-salt oil produced by Petrobras over the period 2022-26 is expected to be US$3.50* • Total production of oil by Petrobras is expe
Slide 13: Near-term Priorities
Near-term Priorities After safety, our number one priority is the maintenance of our distribution and to do this we are targeting stable cashflows and looking to maximize fleet utilization. We continue to apply the same principles that have served KNOP and our unitholders well for many years.
Slide 14: Summary
Summary Utilization of 100% for scheduled operations. Distributable cashflow of $23.3m, with coverage of 1.28. Paid quarterly distribution of $0.52 for 26th consecutive quarter. $560m of remaining contracted forward revenue, excluding options, at the end of the quarter. No refinance due un
Slide 15: Questions
Questions
Slide 16: Appendices
Appendices 16
Slide 17: Appendix A – KNOP Attributes – Our Investment Case
Appendix A – KNOP Attributes – Our Investment Case KNOP is classified as a corporation for U.S. federal income tax purposes. A U.S. holder of KNOP common units will receive a Form 1099 to report distributions received (not a Form K-1). We are a market leader in the operation of shuttle tankers a
Slide 18: Appendix B – Non-GAAP Financial Measures
Appendix B – Non-GAAP Financial Measures Adjusted EBITDA Adjusted EBITDA refers to earnings before interest, depreciation, taxes, goodwill impairment charge and other financial items. Adjusted EBITDA is a non-GAAP financial measure used by investors to measure our performance. Adjusted EBITDA is use
Slide 19: Appendix C – Petrobras FPSO Projects
Appendix C – Petrobras FPSO Projects Source: November 30 , 2021 – Petrobras Day presentation 19
Slide 20: Appendix D – Petrobras Búzios Project
Appendix D – Petrobras Búzios Project Source: November 30 , 2021 – Petrobras Day presentation 20
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