Knot Offshore Partners Lp · NYSE:KNOP
Knot Offshore Partners Lp — Q1 2014 Earnings Presentation
14 slides from Knot Offshore Partners Lp's earnings presentation, May 14, 2014
Slide 1: First Quarter 2014 Results
First Quarter 2014 Results May 14, 2014
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
Slide 3: Highlights & Recent Events
Highligts & Recent Events For the first quarter of 2014, 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 $16.1 million and – Generated distributable cash flow(2) of $8.9 million On May
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 Three months Year (USD in thousands) Ended March 31, Ended March 31, Ended December 31, Ended December 31, Vessel operation 2014 2013 2013 2013 (unaudited) (unaudited) (unaudited) (Au
Slide 5: Summary Unaudited Condensed Consolidated and combined carve-out Balance sheet
Summary Unaudited Condensed Consolidated and combined carve-out Balance sheet At March 31, At December 31, Total unrestricted cash of $25.3 million (USD in thousands) 2014 (unaudited) 2013 (Audited) ASSETS Current assets: Interest bearing debt at $342.8 million Cash and cash equivalents 25,338 2
Slide 6: Distributable cashflow
Distributable cashflow Three months Ended March 31, (USD in thousands) 2014 (unaudited) Net income 6,424 Add: Depreciation and amortization 6,780 Other non-cash items; deferred costs amortization debt 279 Less: Estimated maintenance and replacement capital expenditures (including drydocking reserve)
Slide 7: Adjusted EBITDA
Adjusted EBITDA Three months Ended March 31, (USD in thousands) 2014 (unaudited) Net income 6,424 Interest income (1) Interest expenses 2,713 Depreciation and amortization 6,780 Income tax (benefits) expense 19 EBITDA 15,935 Other financial items (1) 199 Adjusted EBITDA 16,134 (1) Other financial it
Slide 8: Knutsen NYK Offshore Tankers acquiring the Lauritzen shuttle tankers
Knutsen NYK Offshore Tankers acquiring the Lauritzen shuttle tankers J. Lauritzen shuttle tankers Vessel Size (dwt) Built Employment Dan Cisne 59 335 dwt Cosco, China Sept. 2011 Bareboat Transpetro Q3 2023 Dan Sabia 59 317 dwt Cosco, China Jan. 2012 Bareboat Transpetro Q1. 2024 Dan Eagle 45 000 dwt
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 9.2 years Time Carmen Knutsen 157 000
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
Slide 11: Summary
Summary Q1 operation as forecasted Solid contract base – Fixed revenue backlog average 6.1 years Partially secured interest rate risk on the floating debt by swapping USD 250m on average 4.1 years at 1.36%. Knutsen NYK Offshore Tankers has entered into a contract to purchase three shuttle ta
Slide 12: Thank you, any questions ?
KNOT Offshore Partners LP Thank you, any questions ?
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
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
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