Knot Offshore Partners Lp · NYSE:KNOP

Knot Offshore Partners Lp — Q1 2015 Earnings Presentation

13 slides from Knot Offshore Partners Lp's earnings presentation, May 8, 2015

  1. Slide 1: First Quarter 2015 Results

    First Quarter 2015 Results May 8, 2015

  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 first quarter of 2015, KNOT Offshore Partners L.P. (the “Partnership”): – Generated revenues of $36.2 million, operating income of $17.0 million and net income of $7.2 million (1) – Generated Adjusted EBITDA of $28.3 million and (1) – Generated Distributable cash

  4. Slide 4: Income Statement

    Income Statement Three months Three months Three months Ended Ended Ended  Strong operational (USD in thousands) March 31, March 31, December 31, performance 2015 2014 2014 (unaudited) (unaudited) (unaudited) – 99.8% utilization (1.0 days Time charter and bareboat revenues 36,071 21,766 34,655 offh

  5. Slide 5: Balance sheet

    Balance sheet At March 31, At December 31,  Total unrestricted cash of $32.8 million (USD in thousands) 2015 (unaudited) 2014 (Audited)  Interest bearing debt at $604.6 million ASSETS Current assets: Cash and cash equivalents 32,746 30,746 – Average credit margin paid in Q1-15 was 2.3% Other curre

  6. Slide 6: Distributable cashflow

    Distributable cashflow Three months Three months (USD in thousands) Ended March 31, Ended December 31, 2015 2014 (unaudited) (unaudited) Net income 7,186 5,908 Add: Depreciation 11,400 10,559 Other non-cash items; deferred costs amortization debt 284 1,018 Unrealized losses from interest rate deriva

  7. Slide 7: Adjusted EBITDA

    Adjusted EBITDA Three months Three months (USD in thousands) Ended March 31, Ended December 31, 2015 2014 (unaudited) (unaudited) Net income 7,186 5,908 Interest income (1) (9) Interest expenses 4,186 4,688 Depreciation 11,400 10,559 Income tax (benefits) expense 3 15 EBITDA 22,774 21,161 Other fina

  8. Slide 8: Long-term Contracts Backed by Leading Energy Companies

    Long-term Contracts Backed by Leading Energy Companies Name Area 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 (1) Windsor Knutsen Brazil Bodil Knutsen(1) N. Sea Fortaleza Knutsen Brazil Recife Knutsen Brazil Carmen Knutsen Brazil Hilda Knutsen N. Sea Torill Knutsen N. Sea Dan Cis

  9. Slide 9: Dropdown inventory: Six potential acquisitions

    Dropdown inventory: Six potential acquisitions Name Area 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Ingrid Knutsen N. Sea Raquel Knutsen Brazil Dan Sabia Brazil Hull2816 Brazil Hull 2817 Brazil Hull 686 Brazil Fixed contract periods for the dropdown fle

  10. Slide 10: Q1-15: Full effect of the Dan Cisne acquisition

    Q1-15: Full effect of the Dan Cisne acquisition KNOT Offshore Partners LP Q2-13 Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Selected Quarterly Figures Revenues $ million 17,3 20,5 22,2 21,8 22,1 34,3 34,7 36,2 Operating income $ million 7,4 9,4 10,0 9,4 9,6 15,5 15,9 16,9 Net Income $ million 4,5 6,4

  11. Slide 11: Distribution for Q1-15 will be up 36% from MQD

    Distribution for Q1-15 will be up 36%* from MQD  Q1-15 distribution is up 4% over Q4-14 distribution – Implied a coverage of 1.36x of distributable cashflow  At the IPO in April 2013, the Partnership expected a distribution growth averaging 10% to 15% annually in the first three years period 11

  12. Slide 12: Since IPO in April 2013: Fleet from Four to Eight Vessels

    Since IPO in April 2013: Fleet from Four to Eight Vessels, Dropdown Potential from Five to Six KNOP FLEET DEVELOPMENT 8 CISNE CISNE 7 TORILL TORILL 6 HILDA HILDA 5 CARMEN CARMEN 4 RECIFE RECIFE 3 FORTALEZA FORTALEZA 2 BODIL BODIL 1 WINDSOR WINDSOR IPO Q2-13 Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15

  13. Slide 13: Thank you, any questions ?

    KNOT Offshore Partners LP Thank you, any questions ?

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