Knot Offshore Partners Lp · NYSE:KNOP

Knot Offshore Partners Lp — Q2 2014 Earnings Presentation

14 slides from Knot Offshore Partners Lp's earnings presentation, Aug 14, 2014

  1. Slide 1: Second Quarter 2014 Results

    Second Quarter 2014 Results August 14, 2014

  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 second quarter of 2014, KNOT Offshore Partners L.P. (the “Partnership”): – Generated net income of $2.5 million and operating income of $9.6 million (1) – Generated Adjusted EBITDA of $16.3 million and (1) – Generated distributable cash flow of $8.1 million  Net

  4. 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 (USD in thousands) Ended June 30, Ended June 30, Ended March 31, 2014 2013 2014 (unaudited) (unaudited) (unaudited)  Vessel operation in Time charter and bareboat revenues

  5. Slide 5: Summary Unaudited Condensed Consolidated and combined carve-out Balance sheet

    Summary Unaudited Condensed Consolidated and combined carve-out Balance sheet At June 30, At December 31,  Total unrestricted cash of $34.4 million (USD in thousands) 2014 (unaudited) 2013 (Audited)  Interest bearing debt at $545.8 million ASSETS Current assets: Cash and cash equivalents 34 451 28

  6. Slide 6: Distributable cashflow

    Distributable cashflow Three months (USD in thousands) Ended June 30, 2014 (unaudited) Net income 2,497 Add: Depreciation and amortization 6,782 Other non-cash items; deferred costs amortization debt 1,416 Unrealized loss from interest rate derivatives 1,642 Less: Estimated maintenance and replaceme

  7. Slide 7: Adjusted EBITDA

    Adjusted EBITDA Three months (USD in thousands) Ended June 30, 2014 (unaudited) Net income 2,497 Interest income -3 Interest expenses 3,856 Depreciation and amortization 6,782 Income tax (benefits) expense -18 EBITDA 13,114 Other financial items (1) 3,220 Adjusted EBITDA 16,334 (1) Other financial i

  8. Slide 8: Knutsen NYK Offshore Tankers acquiring the Lauritzen shuttle tankers – approved by the Charterer

    Knutsen NYK Offshore Tankers acquiring the Lauritzen shuttle tankers – approved by the Charterer Knutsen NYK Offshore Tankers acquires 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,

  9. 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 Time Windsor Knutsen 162 362 Charter Time Bodil Knutsen 157 644 Charter Fortaleza Knutsen 106 316 Bareboat Recife Knutsen 105 928 Bareboat Time Carmen Knut

  10. Slide 10: Dropdown Fleet Overview

    Dropdown Fleet Overview Capacity Charter Name (DWT) Charterer Delivery Type Expiration Area(1) 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Time Ingrid Knutsen 112 000 Q4 2013 nov.23 North Sea Charter Time Hull 574, Cosco 152 000 Q4 2014 sep.24 Brazil Cha

  11. Slide 11: Summary

    Summary  Q2-14 operation as forecasted  Solid contract base – Fixed revenue backlog average 5.1 years – Windsor Knutsen rechartered by the BG Group for two fixed years and three optional years from Q4-15. On charter to Knutsen NYK until Q4-15  Total fleet at seven vessels after acquiring Hilda Kn

  12. Slide 12: Thank you, any questions ?

    KNOT Offshore Partners LP Thank you, any questions ?

  13. 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

  14. 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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