Knot Offshore Partners Lp · NYSE:KNOP
Knot Offshore Partners Lp — Investor Day (February 2017)
20 slides from Knot Offshore Partners Lp's investor day presentation, Feb 15, 2017
Slide 1: Shuttle Tanker Market Update
Shuttle Tanker Market Update KNOT Offshore Partners LP (KNOP) - Investor day New York City, February 15, 2017 Sverre B Svenning, Head of Research, Fearnley Consultants IMPORTANT / DISCLAIMER: This presentation is prepared by Fearnresearch and Fearnley Consultants, companies in the Astrup Fearnley Gr
Slide 2: Disclaimer
Disclaimer Research The statistical and graphic information set forth in the analysis is compiled by Fearnley Consultants A/S based on the databases and time series supplied by Fearnresearch, the research division of Fearnleys A/S, and other external sources of information. Fearnresearch compiles, p
Slide 3: The Shuttle Tanker Market
The Shuttle Tanker Market What is a shuttle tanker? Key features • Conventional tanker configuration • Cargo loading and unloading systems • Dynamic positioning system and retractable azimuth thrusters • Controllable pitch propeller, flap rudders, twin propeller or diesel-electric propulsion • Helic
Slide 4: Differentiation of segment
Differentiation of segment Specialized Asset Class Standardized Asset Classes Shuttle Tankers LNG carriers Conventional Tankers Dry Bulk Carriers Transport of crude oil Transport of crude oil from FPSO or Transport LNG to and or petroleum products Transport of dry bulk Function production unit to fr
Slide 5: The shuttle tanker fleet
The Shuttle Tanker Market The shuttle tanker fleet Age structure February 2017 • The total fleet counts 73 vessels and 9.0 mdwt • 69 vessels trading as shuttle tankers. • The average age is 10.7 years. • The order book counts 6 vessels of 0.93 mdwt. • The newbuildings are scheduled for 2017-18 deliv
Slide 6: Fleet
The Shuttle Tanker Market Fleet Fleet by owner Sources: 6
Slide 7: Trading area
Trading area Shuttle tanker deployment Trading Area 2 8 (5) 24 (27) 3 2 1 4 (1) 2 (3) (0) 37 (36) The two USG traders are Jones Act shuttle tankers. As such this market is closed for the main shuttle tanker owners and the two vessels cannot compete on any other sector. The eight Arctic traders canno
Slide 8: Fleet deployment
The Shuttle Tanker Market Fleet deployment Here they were – February 9th Sources: 8
Slide 9: Owners
Owners Main shuttle tanker owners There is a limited number of competitors in the shuttle tanker space. Based on deadweight Knutsen NYK has a 35.0% (29.6%) market share
Slide 10: The shuttle tanker fleet: Highlights 2016/17
The Shuttle Tanker Market The shuttle tanker fleet Highlights 2016/17 • Two vessels delivered to the fleet: • Tordis Knutsen (Nov. 2016, 157 kdwt, KNOT, TC BG, Trading Brazil) • Vigdis Knutsen (Feb. 2017, 157 kdwt, KNOT, TC BG, Trading Brazil) • No contracting of new vessels. • One demolition sale (
Slide 11: Some fleet observations
The Shuttle Tanker Market The shuttle tanker fleet Some fleet observations • Five vessels are 20 years or older. • Another 17 vessels will turn 20 years in 2018-20 • One vessel is currently laid up • Three vessels are operating in the conventional crude carrier markets. • Statoil tendered for two ve
Slide 12: Brazil trading vessels
The Shuttle Tanker Market The shuttle tanker fleet Brazil trading vessels • Over the past year it has become quite evident that there’s a significant difference in trading patterns in Brazil: • Vessels under Petrobras control generally trade short-haul to Brazilian ports • Vessels on charter to othe
Slide 13: Brazil
The Shuttle Tanker Market Brazil Oil output forecast Sources: 13
Slide 14: Oil production from shuttle tanker operated fields: Brazil
The Shuttle Tanker Market Oil production from shuttle tanker operated fields Brazil Compared to one year ago, 2020 output reduced about 5% due to lower than expected output from existing fields Sources: 14
Slide 15: North Sea Developments
The Shuttle Tanker Market Oil production from shuttle tanker operated fields North Sea Developments Sources: 15
Slide 16: Post 2020 Projects
The Shuttle Tanker Market Post 2020 Projects • Brazil: Libra • Estimated 1.2 mbd peak production • First four FPSO’s to be tendered in 2017 • Will, eventually, require 12-16 shuttle tankers • Brazil: Postponed Petrobras developments • Postponed projects still in the ‘project file’ (about 0.9 mbd cap
Slide 17: The Barents Sea
The Shuttle Tanker Market The Barents Sea Promising frontier Korpfjell Block/Field Operator Oil Reserves(mboe) Johan Castberg Statoil 400-600 Wisting Central OMV 200-500 Alta-Gotha Lundin 216-584 Filicudi Lundin 258 Neiden Lundin 204 Korpfjell Statoil 10,000 ??? Sources: 17
Slide 18: Sources:
The Shuttle Tanker Market Sources: 18
Slide 19: Conclusions
The Shuttle Tanker Market Conclusions • Major projects are moving forwards in Brazil, the North Sea, and Canada. • No major changes to the project file since one year ago. • The newbuilding requirement forecast is maintained, although with some slippage. • The post-2020 Libra developments seem to be
Slide 20: Thank you for your attention!
Thank you for your attention! Grev Wedels plass 9 | P.O.Box 1158 Sentrum | N-0107 Oslo, Norway Phone: +47 22 93 60 00 | +47 22 93 61 21 www.fearnleys.com | An Astrup Fearnley Company
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