Knot Offshore Partners Lp · NYSE:KNOP
Knot Offshore Partners Lp — KNOT Offshore Partners LP Common Units representing Limited Partner Interests — Q4 2025 Earnings Presentation
26 slides from Knot Offshore Partners Lp's earnings presentation, Mar 26, 2026
Slide 1: 4Q 2025 Earnings Presentation
25.03.2026 4Q 2025 March 2026 (NYSE:KNOP)
Slide 2: Forward-looking statements
25.03.2026 Forward-looking statements fluctuations in the price of oil; general market conditions, including fluctuations in hire rates and vessel values; changes in KNOP’s operating expenses, including This presentation contains certain forward-looking statements (as defined in Section drydocking a
Slide 3: KNOT offer for outstanding common units of KNOP
25.03.2026 KNOT offer for • On October 31, 2025, the Partnership received an unsolicited non- binding proposal from Knutsen NYK Offshore Tankers AS (“Knutsen outstanding NYK” or “KNOT”), pursuant to which KNOT proposed to acquire through a wholly-owned subsidiary all publicly held common units of th
Slide 4: 4Q 2025 and subsequent: financial and operational headlines
25.03.2026 4Q 2025 and • 4Q 2025 financial headlines include: • Revenues: $96.5m subsequent: • Operating income: $8.4m, or $28.6m excluding impairments • Net loss: $6.2m, or net income $14.0m excluding impairments financial and • Adjusted EBITDA: $59.3m operational • Available liquidity on December
Slide 5: 4Q 2025: key developments
Synnøve Knutsen refinancing 25.03.2026 On October 20, 2025, we refinanced the loan secured by the Synnøve Knutsen by entering into a new $71.1 million senior secured term loan facility with MUFG Bank (Europe) N.V.. KNOT offer 4Q 2025: key On October 31, 2025, the Partnership received an unsolicited
Slide 6: 1Q 2026 to-date: key developments
25.03.2026 Annual Meeting 1Q 2026 to-date: On each of December 15, 2025, December 22, 2025 and January 5, 2026, the Partnership sought to convene the 2025 Annual Meeting of Unitholders. However, on each of these occasions, an insufficient number of unitholders were represented for the key developmen
Slide 7: Spring 2026 operating momentum
25.03.2026 Spring 2026 • Continued tightening in market for shuttle tankers • Brazil: Robust multi-year FPSO pipeline continues to deliver operating while existing production exceeds nameplate volumes • North Sea: New discoveries and expansions augment both momentum Goliat FPSO and Johan Castberg FP
Slide 8: Financial results
25.03.2026 Financial results 4Q 2025 8
Slide 9: Income statement
25.03.2026 Income Unaudited, USD thousands Time charter and bareboat revenues 4Q 2025 95,945 3Q 2025 96,329 2Q 2025 85,920 1Q 2025 82,991 2025 361,185 FY 2024 306,915 FY 2023 277,084 statement Voyage revenues Loss of hire insurance recoveries Other income — — 542 — — 538 — 607 533 466 — 572 466 607
Slide 10: Adjusted EBITDA
25.03.2026 Adjusted Unaudited, USD thousands 4Q 2025 3Q 2025 2Q 2025 1Q 2025 2025 FY 2024 FY 2023 EBITDA Net income (loss) (6,246) 15,114 6,810 7,581 23,259 14,696 (34,328) Interest income (1,088) (832) (903) (748) (3,571) (3,636) (3,468) Interest expense 15,328 16,484 15,316 14,902 62,030 67,351 72
Slide 11: Balance sheet
25.03.2026 Balance Unaudited, USD thousands At Dec 31, 2025 At Dec 31, 2024 At Dec 31, 2025 At Dec 31, 2024 sheet Current assets: Current liabilities: Cash and cash equivalents 88,983 66,933 Current portion of long-term debt 381,126 256,659 Inventories 4,288 3,304 Current lease liabilities 406 1,172
Slide 12: Long-term borrowings reported at December 31, 2025
25.03.2026 Vessels providing Original Outstanding at of which Current Balloon due at Unaudited, USD thousands security at amount1 December 31, 2025 Instalments2 maturity3 Long-term December 31, 2025 Anna, Tordis, 1. Loan due September 2026 345,000 238,343 18,823 219,521 Vigdis, Brasil, Lena borrowin
Slide 13: Debt maturity profile
25.03.2026 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 • Average margin paid on the Partnership’s outstanding debt during 4Q 2025 was c.2.2% over SOFR. 200,000 100,00
Slide 14: KNOP – Looking Forward
25.03.2026 KNOP – Looking Forward 4Q 2025 14
Slide 15: Forward contracted revenue backed by leading energy companies
March 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2026(1) 25.03.2026 Shell InsurancePetroChina Shell ExxonMobil . Windsor 15 . 18 20 Equinor KNOT . Equinor Bodil * 10 . 15 18 . Transpetro (BBC) Transpetro (TC) KNOT . Fortaleza Forward contracted 15 18 Transpetro (BBC) Transpetro
Slide 16: Forward contract coverage in March 2026
25.03.2026 Forward contract coverage 100% in March 2026 90% 80% 70% • This chart includes any contract developments after December 31, 2025, up 60% to the date of the Partnership’s 4Q 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 at March 2026
25.03.2026 2022 2023 2024 2025 2026 2027 2028 Eni Frida * 5 Dropdown inventory Sindre * Eni Petrobras 5 . held/ordered by Hedda Petrobras Eli Sponsor at March KNOT (N1227) Petrobras 2026 Petrobras KNOT (N1228) PetroRio KNOT (N1252) Petrobras KNOT (N1229) The acquisition by KNOP of any dropdown Equin
Slide 18: Continued strength in offshore oil production outlook in Brazil
25.03.2026 Continued strength in offshore oil production outlook in Brazil • Particular emphasis on shuttle tanker- serviced Pre-Salt fields Source: Petrobras Business Plan 2026-2030 18
Slide 19: Petrobras' outlook for 2026
25.03.2026 Petrobras’ outlook for 2026 • Continued offshore production strength • Deployment of state-of-the-art FPSOs with decades- long use profiles Source: Petrobras Business Plan 2026-2030 19
Slide 20: FPSO ordering and deliveries continuing at pace in Brazil
25.03.2026 FPSO ordering and deliveries continuing at pace in Brazil Source: Petrobras Business Plan 2026-2030 20
Slide 21: 4Q 2025 & subsequent summary
25.03.2026 4Q 2025 Developments in 1Q 2026 to date 4Q 2025 & subsequent • 99.5% utilization for scheduled • KNOP sought three times to convene summary operations, taking into account the the 2025 Annual Meeting of schedule for drydocking of the Unitholders. However, on each of these Synnøve Knutsen
Slide 22: Questions
25.03.2026 Questions 4Q 2025 22
Slide 23: Appendix
25.03.2026 Appendix 4Q 2025 23
Slide 24: US investor considerations
25.03.2026 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 25: Non-GAAP financial measures
25.03.2026 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 26: KNOT Offshore Partners
K N O l Offshore 25.03.2026 Partners 26