Knot Offshore Partners Lp · NYSE:KNOP
Knot Offshore Partners Lp — FY2013 Earnings Presentation
14 slides from Knot Offshore Partners Lp's earnings presentation, Feb 19, 2014
Slide 1: Fourth Quarter and Fiscal Year 2013 Results
Fourth Quarter and Fiscal Year 2013 Results February 19, 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 fourth quarter of 2013, KNOT Offshore Partners L.P. (the “Partnership”): – Generated net income of $7.9 million and operating income of $10.0 million – Generated Adjusted EBITDA(1) of $16.8 million and – Generated distributable cash flow(2) of $9.8 million On Fe
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 Three Three months months months Year Year (USD in thousands) Ended Ended Ended Ended Ended December September December December December Vessel operation in 31, 30, 31, 31, 31, line with forecast 2013 2
Slide 5: Summary Unaudited Condensed Consolidated and combined carve-out Balance sheet
Summary Unaudited Condensed Consolidated and combined carve-out Balance sheet At At At Total unrestricted cash of $28.8 million (USD in thousands) December September 31, 30, December 31, 2013 2013 2012 (unaudited) (unaudited) Interest bearing debt at $350.0 million ASSETS Current assets: Cash an
Slide 6: Distributable cashflow
Distributable cashflow Three months Ended (USD in thousands) December 31, 2013 (unaudited) Net income 7,902 Add: Depreciation and amortization 6,785 Other non-cash items; deferred costs amortization debt 287 Less: Estimated maintenance and replacement capital expenditures (including drydocking reser
Slide 7: Adjusted EBITDA
Adjusted EBITDA Three months Ended (USD in thousands) December 31, 2013 (unaudited) Net income 7,902 Interest income (5) Interest expenses 2,832 Depreciation and amortization 6,785 Income tax (benefits) expense (111) EBITDA 17,403 Other financial items (1) (615) Adjusted EBITDA 16,788 (1) Other fina
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 9.4 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 Q4 operation as forecasted Solid contract base – Fixed revenue backlog average 6.3 years Partially secured interest rate risk on the floating debt by swapping USD 200m on average 4.3 years at 1.33%. Swapped another USD 50m in 2014, bringing the total hedged debt to 71% of outstanding d
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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