Knot Offshore Partners Lp · NYSE:KNOP
Knot Offshore Partners Lp — KNOT Offshore Partners LP Common Units representing Limited Partner Interests — Q3 2025 Earnings Presentation
27 slides from Knot Offshore Partners Lp's earnings presentation, Dec 5, 2025
Slide 1: 3Q 2025 Earnings Presentation
04.12.2025 3Q 2025 December 2025 (NYSE:KNOP)
Slide 2: Forward-looking statements
04.12.2025 Forward-looking statements fluctuations in the price of oil; general market conditions, including fluctuations in hire rates and vessel values; changes in KNOP’s operating expenses, including This presentation contains certain forward-looking statements (as defined in Section drydocking a
Slide 3: KNOT offer for outstanding common units of KNOP
04.12.2025 KNOT offer for • November 3, 2025—KNOT Offshore Partners LP (NYSE: KNOP) (“KNOP” or the “Partnership”) announced today that the Board of outstanding Directors of the Partnership (the “KNOP Board”) received an unsolicited non-binding proposal, dated October 31, 2025, from Knutsen NYK commo
Slide 4: 3Q 2025 and subsequent: financial and operational headlines
04.12.2025 3Q 2025 and • 3Q 2025 financial headlines include: • Revenues: $96.9m subsequent: • Operating income: $30.6m • Net income: $15.1m financial and • Adjusted EBITDA: $61.6m operational • Available liquidity on September 30, 2025: $125.2m, comprising $77.2m in cash and cash equivalents plus $
Slide 5: 3Q 2025: key developments
Daqing Knutsen 04.12.2025 KNOP purchased the Daqing Knutsen on July 2, 2025, for $95m, less $70.5m of outstanding debt plus $0.3m of capitalised fees, i.e. a net cash cost of $24.8m. The vessel is on time charter to PetroChina in Brazil through July 2027. As a term of the acquisition, 3Q 2025: KNOT
Slide 6: Daqing Knutsen purchase
October 2025 Daqing Knutsen Overview of July 2, 2025 Transaction • On July 2, 2025, we purchased the Daqing Strategic and Commercial Implications • The Daqing Knutsen acquisition provides: purchase Knutsen from KNOT • Purchase price: $95m less $70.2m of net • Fleet growth • Increased pipeline of lon
Slide 7: 4Q 2025 to-date: key developments
Synnøve Knutsen refinancing 04.12.2025 On October 20, 2025, we refinanced the loan secured by the Synnøve Knutsen by entering into a new $71.1 million senior secured term loan facility with MUFG Bank (Europe) N.V.. KNOT offer 4Q 2025 to-date: On October 31, 2025 we received an unsolicited non-bindin
Slide 8: Winter 2025 operating momentum
04.12.2025 Winter 2025 • Continued tightening in market for shuttle tankers • Brazil: FPSO ordering continues and recent deliveries being operating made early • North Sea: Johan Castberg production ramp up through 2025, momentum following Penguins start in February • Contractual backlog expanded (as
Slide 9: Financial results
04.12.2025 Financial results 3Q 2025 9
Slide 10: Income statement
04.12.2025 Income Unaudited, USD thousands Time charter and bareboat revenues 3Q 2025 96,329 2Q 2025 85,920 1Q 2025 82,991 4Q 2024 84,434 YTD 2025 265,240 FY 2024 306,915 FY 2023 277,084 statement Voyage revenues Loss of hire insurance recoveries Other income — — 538 — 607 533 466 — 572 438 5,892 49
Slide 11: Adjusted EBITDA
04.12.2025 Adjusted Unaudited, USD thousands 3Q 2025 2Q 2025 1Q 2025 4Q 2024 YTD 2025 FY 2024 FY 2023 EBITDA Net income (loss) 15,114 6,810 7,581 23,250 29,505 14,696 (34,328) Interest income (832) (903) (748) (1,054) (2,483) (3,636) (3,468) Interest expense 16,484 15,316 14,902 16,167 46,702 67,351
Slide 12: Balance sheet
04.12.2025 Balance Unaudited, USD thousands At September 30, 2025 At Dec 31, 2024 At September 30, 2025 At Dec 31, 2024 sheet Current assets: Current liabilities: Cash and cash equivalents 77,207 66,933 Current portion of long-term debt 324,636 256,659 Inventories 4,046 3,304 Current lease liabiliti
Slide 13: Long-term borrowings reported at September 30, 2025
04.12.2025 Outstanding at Vessels providing September 30, Original of which Current Balloon due at security Long-term Unaudited, USD thousands 2025 amount1 Instalments2 maturity3 (pro forma Q4 at September 30, refinancings) 2025 borrowings 1. Loan due September 2026 345,000 244,618 25,096 219,521 An
Slide 14: Debt maturity profile
04.12.2025 Debt maturity profile 600,000 500,000 • Access to wide pool of lenders, attractive bank finance and several key lender relationships with major players 400,000 US$ (000) 300,000 • Chart updated for the effect on debt of: • Synnøve Knutsen $71m loan 200,000 refinancing on October 20, 2025
Slide 15: KNOP – Looking Forward
04.12.2025 KNOP – Looking Forward 3Q 2025 15
Slide 16: Forward contracted revenue backed by leading energy companies
December 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2025(1) 04.12.2025 Shell InsurancePetroChina Shell ExxonMobil . Windsor 15 . 18 20 Equinor KNOT . Equinor Bodil * 10 . 15 18 . Transpetro (BBC) Transpetro (TC) KNOT . Forward contracted Fortaleza 15 18 Transpetro (BBC) Transpe
Slide 17: Forward contract coverage in December 2025
04.12.2025 Forward contract coverage 100% in December 2025 90% 80% 70% • This chart includes any contract developments after September 30, 2025, up 60% to the date of the Partnership’s 3Q 2025 50% Earnings Release. 40% • Based on current charter rates, charterers’ options are expected to be exercise
Slide 18: Dropdown inventory held/ordered by Sponsor at December 2025
04.12.2025 2022 2023 2024 2025 2026 2027 2028 Eni Dropdown inventory Frida * 5 Eni Sindre * held/ordered by 5 . Petrobras Hedda Sponsor at Eli Petrobras December 2025 Petrobras KNOT (N1227) Petrobras KNOT (N1228) PetroRio KNOT (N1252) The acquisition by KNOP of any dropdown vessels in the future is
Slide 19: Continued strength in offshore oil production outlook in Brazil
04.12.2025 Continued strength in offshore oil production outlook in Brazil • Particular emphasis on shuttle tanker- serviced Pre-Salt fields Source: Petrobras Business Plan 2026-2030 19
Slide 20: Petrobras' outlook for 2026
04.12.2025 Petrobras’ outlook for 2026 • Continued offshore production strength • Deployment of state-of-the-art FPSOs with decades- long use profiles Source: Petrobras Business Plan 2026-2030 20
Slide 21: FPSO ordering and deliveries continuing at pace in Brazil
04.12.2025 FPSO ordering and deliveries continuing at pace in Brazil Source: Petrobras Business Plan 2026-2030 21
Slide 22: 3Q 2025 & subsequent summary
04.12.2025 3Q 2025 & subsequent 3Q 2025 • 99.9% utilization for scheduled Developments in 4Q to date • Received non-binding KNOT offer to summary operations, taking into account the schedule for drydocking of the Tove buy publicly-held common units at $10 in cash Knutsen (96.5% overall) • Refinanced
Slide 23: Questions
04.12.2025 Questions 3Q 2025 23
Slide 24: Appendix
04.12.2025 Appendix 3Q 2025 24
Slide 25: US investor considerations
04.12.2025 US investor KNOP issues a 1099 rather than a K-1 considerations US investors are directed to the Investors FAQs and US Tax Information sections of KNOP’s website: • www.knotoffshorepartners.com/investors/investor-faqs/ • www.knotoffshorepartners.com/investors/stock-info/us-tax-information
Slide 26: Non-GAAP financial measures
04.12.2025 Non-GAAP financial measures Adjusted EBITDA The Partnership believes that Adjusted EBITDA assists its management and investors by increasing the comparability of its performance from Adjusted EBITDA refers to earnings before interest, depreciation, taxes, period to period and against the
Slide 27: KNOT Offshore Partners
K N O l Offshore 04.12.2025 Partners ar