Knot Offshore Partners Lp · NYSE:KNOP

Knot Offshore Partners Lp — Q3 2013 Earnings Presentation

15 slides from Knot Offshore Partners Lp's earnings presentation, Nov 26, 2013

  1. Slide 1: Third Quarter Results 2013

    Third Quarter Results 2013 November 26, 2013

  2. Slide 2: Notice to Recipients

    Notice to Recipients This presentation is not a prospectus and is not an offer to sell, nor a solicitation of an offer to buy, securities. Except for the historical information contained herein, the matters discussed in this presentation include forward-looking statements that involve risks and unce

  3. Slide 3: Highlights & Recent Events

    Highligts & Recent Events  For the third quarter of 2013, KNOT Offshore Partners L.P. (the “Partnership”): – Generated Net income of $6.4 million and operating income of $9.4 million – Generated Adjusted EBITDA(1) of $15.7 million and – Generated Distributable cash flow(2) of $9.3 million  On Nove

  4. Slide 4: Summary unaudited condensed consolidated and combined carve-out statement of operations

    Summary unaudited condensed consolidated and combined carve- out statement of operations Three months Three months Nine months Nine months Ended Ended Ended Ended (USD in thousands) September 30, September 30, September 30, September 30, 2013 2012 2013 2012 (unaudited) (unaudited) (unaudited) (unaud

  5. Slide 5: Summary Unaudited Condensed Consolidated and combined carve-out Balance sheet

    Summary Unaudited Condensed Consolidated and combined carve-out Balance sheet At (USD in thousands)  Total unrestricted cash of $28.5 million September At December 30, 31, 2013 2012 (unaudited) ASSETS  Interest bearing debt at $357.0 million Current assets: Cash and cash equivalents 28,483 1,287 R

  6. Slide 6: Distributable cashflow

    Distributable cashflow Three months Ended (USD in thousands) September 30, 2013 (unaudited) Net income 6,357 Add: Depreciation and amortization 6,304 Unrealized loss from interest rate derivatives 252 Other non-cash items; deferred costs amortization debt 338 Less: Estimated maintenance and replacem

  7. Slide 7: Adjusted EBITDA

    Adjusted EBITDA (USD in thousands) Three months Ended September 30, 2013 (unaudited) Net income 6,357 Interest income (16) Interest expenses 2,653 Depreciation and amortization 6,304 Income tax (benefits) expense (5) EBITDA 15,293 Other financial items (1) 371 Adjusted EBITDA 15,664 (1) Other financ

  8. Slide 8: Carmen Knutsen acquired August 2013

    Carmen Knutsen acquired August 2013 1st Carmen Knutsen is a 157 000 dwt shuttle tanker, built by Hyundai Heavy Industries and delivered to Knutsen NYK Offshore Tankers in January 2013. The vessel is currently trading in Brazil under a fixed time-charter contract with Repsol Sinopec until February 20

  9. Slide 9: Long-term Contracts Backed by Leading Energy Companies

    Long-term Contracts Backed by Leading Energy Companies Capacity Name (DWT) Charterer Type 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Fortaleza Knutsen 106 316 Bareboat Average Remaining bareboat charter contract life: Recife Knutsen 105 928 Bareboat 9.7 years Time Carmen Knutsen 157 000

  10. Slide 10: Dropdown Fleet Overview

    Dropdown Fleet Overview Capacity Charter (1) Name (DWT) Charterer Delivery Type Expiration Area 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Time Hull 2531 123 000 Q3 2013 aug.18 North Sea Charter Time Hull 2532 123 000 Q3 2013 okt.18 North Sea Charter Ti

  11. Slide 11: Summary

    Summary  Q3 operation as forecasted  Delivery of Carmen Knutsen on August 1st  Solid contract base – Fixed revenue backlog average 6.9 years  Partially secured interest rate risk on the floating debt by swapping USD 200m on average 4.3 years at 1.33%  Short term production delays in both Brazil

  12. Slide 12: Thank you, any questions ?

    KNOT Offshore Partners LP Thank you, any questions ?

  13. Slide 13: Appendix 1: Overview of Sponsors and Partnership Structure

    Appendix 1: Overview of Sponsors and Partnership Structure Overview of Nippon Overview of TSSI Yusen Kaisha (“NYK”) Individual  One of the largest private Public Owners Owners  Publicly listed company on shipping companies in Norway the Tokyo, Osaka and Nagoya Stock Exchanges  Dates back to 1984

  14. Slide 14: Appendix 2: Shuttle Tankers: A Critical Component of Offshore Oil Infrastructure

    Appendix 2: Shuttle Tankers: A Critical Component of Offshore Oil Infrastructure SHUTTLE TANKER OIL FIELD INSTALLATION OIL REFINERY / TERMINAL PIPELINE Advantages vs. Pipelines Key Differences vs. Conventional Tankers  Superior, more economical alternative with lower initial  Specially designed ta

  15. Slide 15: Appendix 3: Knutsen NYK: Industry Leader with 2nd Largest Fleet

    Appendix 3: Knutsen NYK: Industry Leader with 2nd Largest Fleet A Highly Experienced Operator Knutsen NYK is One of the Largest Operators in the Shuttle Tanker Sector (1)(2) Vessels  Market leading shuttle tanker operator 35 with extensive experience 30 – 26 years of experience in offshore 25 buoy

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