Knot Offshore Partners Lp · NYSE:KNOP
Knot Offshore Partners Lp — KNOT Offshore Partners LP Common Units representing Limited Partner Interests — Q1 2026 Earnings Presentation
26 slides from Knot Offshore Partners Lp's earnings presentation, May 29, 2026
Slide 1: 1Q 2026 Earnings Presentation
28.05.2026 1Q 2026 May 2026 (NYSE:KNOP)
Slide 2: Forward-looking statements
28.05.2026 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
28.05.2026 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: 1Q 2026 and subsequent: financial and operational headlines
28.05.2026 1Q 2026 and • 1Q 2026 financial headlines include: • Revenues: $92.0m subsequent: • Operating income: $14.7m • Net income: $2.6m financial and • Adjusted EBITDA: $56.5m operational • Available liquidity on March 31, 2026: $140.7m, comprising $92.7m in cash and cash equivalents plus $48.0m
Slide 5: 1Q 2026 to-date: key developments
28.05.2026 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 6: 1Q 2026 to date: key developments
28.05.2026 Hilda Knutsen On January 5, 2026, we exercised our option to continue the time charter of the 1Q 2026 to date: Hilda Knutsen with Shell through to March 2027. key developments On April 22, 2026, a time charter for the Hilda Knutsen was executed with Eni, to commence in Q3 2027 for a fixed
Slide 7: Spring 2026 operating momentum
28.05.2026 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
28.05.2026 Financial results 1Q 2026 8
Slide 9: Income statement
28.05.2026 Income Unaudited, USD thousands Time charter and bareboat revenues 1Q 2026 89,224 4Q 2025 95,945 3Q 2025 96,329 2Q 2025 85,920 FY 2025 361,185 FY 2024 306,915 FY 2023 277,084 statement Voyage revenues Loss of hire insurance recoveries Other income — 2,227 556 — — 542 — — 538 — 607 533 466
Slide 10: Adjusted EBITDA
28.05.2026 Adjusted Unaudited, USD thousands 1Q 2026 4Q 2025 3Q 2025 2Q 2025 FY 2025 FY 2024 FY 2023 EBITDA Net income (loss) 2,627 (6,246) 15,114 6,810 23,259 14,065 (34,328) Interest income (788) (1,088) (832) (903) (3,571) (3,636) (3,468) Interest expense 13,923 15,328 16,484 15,316 62,030 67,352
Slide 11: Balance sheet
28.05.2026 Balance Unaudited, USD thousands At March 31, 2026 At Dec 31, 2025 At March 31, 2026 At Dec 31, 2025 sheet Current assets: Current liabilities: Cash and cash equivalents 92,656 88,983 Current portion of long-term debt 427,967 381,126 Inventories 4,177 4,288 Current lease liabilities 412 4
Slide 12: Long-term borrowings reported at March 31, 2026
28.05.2026 Vessels providing Original Outstanding at of which Current Balloon due at Unaudited, USD thousands security at amount1 March 31, 2026 Instalments2 maturity3 Long-term March 31, 2026 Anna, Tordis, 1. Loan due September 2026 345,000 232,069 12,548 219,521 Vigdis, Brasil, Lena borrowings 2.
Slide 13: Debt maturity profile
28.05.2026 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 1Q 2026 was 2.22% over SOFR. 200,000 100,000
Slide 14: KNOP – Looking Forward
28.05.2026 KNOP – Looking Forward 1Q 2026 14
Slide 15: Forward contracted revenue backed by leading energy companies
May 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2026(1) 28.05.2026 PUBLICATION Shell InsurancePetroChina Shell ExxonMobil . Windsor 15 . 18 20 1Q 2026 Equinor KNOT . Equinor Bodil * 10 . 15 18 . Transpetro (BBC) Transpetro (TC) KNOT . Forward contracted Fortaleza 15 18 Transpetr
Slide 16: Forward contract coverage in May 2026
28.05.2026 Forward contract coverage 100% in May 2026 90% 80% 70% • This chart includes any contract developments after March 31, 2026, up to 60% the date of the Partnership’s 1Q 2026 50% Earnings Release. 40% • Based on current charter rates, charterers’ options are expected to be exercised 30% • I
Slide 17: Dropdown inventory held/ordered by Sponsor at May 2026
28.05.2026 2022 2023 2024 2025 2026 2027 2028 Eni Frida * 5 Dropdown inventory Eni Sindre * 5 . Petrobras Hedda held/ordered by Eli Petrobras Sponsor at May Petrobras Janeiro Petrobras KNOT (N1228) 2026 KNOT (N1252) KNOT (N1229) PetroRio Petrobras Oil major KNOT (Mar-26) The acquisition by KNOP of a
Slide 18: Continued strength in offshore oil production outlook in Brazil
28.05.2026 Continued strength in offshore oil production outlook in Brazil • Particular emphasis on shuttle tanker- serviced Pre-Salt fields • New discoveries and acreage/rights expansion ongoing Source: Petrobras Business Plan 2026-2030 18
Slide 19: Petrobras' outlook for 2026
28.05.2026 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
28.05.2026 FPSO ordering and deliveries continuing at pace in Brazil • Additional two FPSO orders placed during 1Q26 alone • Buzios 8 FPSO started up May 1, three months ahead of schedule Source: Petrobras Business Plan 2026-2030 20
Slide 21: 1Q 2026 & subsequent summary
28.05.2026 1Q 2026 • KNOP sought three times to convene 1Q 2026 & subsequent • 97.2% utilization for scheduled the 2025 Annual Meeting of Unitholders. However, on each of these summary operations, taking into account the occasions, an insufficient number of schedule for drydocking of the Tuva unitho
Slide 22: Questions
28.05.2026 Questions 1Q 2026 22
Slide 23: Appendix
28.05.2026 Appendix 1Q 2026 23
Slide 24: US investor considerations
28.05.2026 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
28.05.2026 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 28.05.2026 Partners 26