Knot Offshore Partners Lp · NYSE:KNOP
Knot Offshore Partners Lp — Investor Presentation (June 2026)
32 slides from Knot Offshore Partners Lp's investor presentation, June 2026
Slide 1: KNOT Offshore Partners LP Investor Overview June 2026
KNOT Offshore Partners LP (NYSE:KNOP) Investor Overview June 2026
Slide 2: Notice to recipients
Notice to recipients This presentation is not a prospectus and is not an offer to sell, nor a Today’s discussion and presentation materials also include non-GAAP solicitation of an offer to buy, securities. measures, such as EBITDA and Adjusted EBITDA and EBITDA leverage ratio and the presentation m
Slide 3: Key themes in the Shuttle Tanker market
Key themes in the • Niche, highly concentrated market - both shipowners and charterers Shuttle Tanker • Offshore extraction continues to take market market share from traditional onshore • FPSOs serviced by shuttle tankers have remained dominant vs. construction of new pipelines • Brazil and North S
Slide 4: A critical component of offshore oil infrastructure
Advantages vs. Pipelines Key Differences vs. Conventional Tankers • Deployment/location flexibility • ~50% higher cost for sophisticated bow A critical component loading equipment and Dynamic • Environmental impact/constraints Positioning (DP2) system of offshore oil • Better economics • Heightened
Slide 5: Yellow Sector — Safety function level
Yellow Sector — Safety function level 1 Trafsier is avtomatically siopped and System prepares for hose disconnection Red Sector — Safety function level 2 Immediate hose disconnection
Slide 6: A critical service to top-tier clients
De-risked, Sunk cost Revenue non-speculative for field for field exposure A critical service operator operator to top-tier clients Integral to operation of long-term offshore projects Contracts and fleet provide stability and insulation • Critical infrastructure enabling FPSO usage • Newbuilds typic
Slide 7: Petrobras FPSO ordering and deliveries continuing at pace in Brazil
Petrobras FPSO ordering and deliveries continuing at pace in Brazil 7
Slide 8: Expanding global FPSO fleet
125% Increase 2018-2028 (Est.) Expanding global FPSO fleet • FPSOs are a strong proxy for shuttle tanker demand • Global FPSO trends mirror those in Brazil Source: Pareto 8
Slide 9: Broad and deep expertise and experience
Broad and deep expertise and experience With origins dating to 1896 and headquartered in Norway, the Knutsen Established in 1885 and headquartered in Japan, Nippon Yusen Kabushiki Group is a fully integrated shipping company controlled by KNOP Kaisha (“NYK”) recorded $17 billion in revenue in its fi
Slide 10: KNOT provides material support to KNOP
KNOT provides • Business development material support • Obligated to offer to KNOP any vessel with a 5+ year contract attached, with terms considered and to KNOP negotiated by KNOP’s independent conflicts committee • Chartering and rechartering • Technical management and crewing • Administration 30%
Slide 11: Clear leader in highly concentrated sector
Fleet locations 40 Clear leader in highly concentrated 30 sector 20 Canada North Sea 15/19 KNOP vessels positioned in fast- 10 Brazil growing Brazilian market 0 KNOT Maran AET Others Group Fleet overview by owner Fleet age group composition 40 40 30 30 Others 20 20 On Order AET 10 Existing 10 Maran
Slide 12: Spring 2026 Update
Spring 2026 Update • Market Tightening in Brazil and North Sea • KNOP charter backlog expanded to $858m over 2.4 years, with very limited charter market exposure through 2027 • Balance sheet de-leveraged and liquidity enhanced • Strategy to pursue dropdown of existing shuttle tanker inventory and mu
Slide 13: Strong Charter Coverage with Leading Energy Companies
May 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 20 2026(1) Shell InsurancePetroChina Shell ExxonMobil . Windsor 15 . 18 20 Equinor KNOT . Equinor Bodil * 10 . 15 18 . Transpetro (BBC) Transpetro (TC) KNOT . Fortaleza Strong Charter 15 18 Transpetro (BBC) Transpetro (TC) Transpetro (TC) Re
Slide 14: Forward contract coverage in May 2026
Forward contract coverage 100% in May 2026 90% 80% 70% • This chart includes any contract developments after March 31, 2026, up to 60% the date of the Partnership’s 1Q 2026 50% Earnings Release. 40% • Based on current charter rates, charterers’ options are expected to be exercised 30% 20% • If marke
Slide 15: Capital Allocation Strategy
Capital Allocation The Partnership’s intends to prioritize two avenues of capital allocation: Strategy • To expand and extend the Partnership’s long-term sustainable cashflow generation by accretively taking down the dropdown • Updated capital allocation inventory over the next 4-5 years strategy an
Slide 16: Dropdown inventory held/ordered by Sponsor at May 2026
Dropdown inventory held/ordered Negotiations by Sponsor underway for at May 2026 potential dropdown Partnership intends to pursue dropdown of existing inventory over the next 4-5 years, subject to review and approval by independent conflicts committee. Notes: 1. These timelines show the actual or ex
Slide 17: Key themes for KNOP and the Shuttle Tanker market
Key themes for • Niche, highly concentrated market - both shipowners and charterers KNOP and the • Offshore extraction continues to take market Shuttle Tanker market share from traditional onshore • FPSOs serviced by shuttle tankers have remained dominant vs. construction of new pipelines • Brazil a
Slide 18: KNOT Offshore Partners LP Investor Overview
KNOT Offshore Partners LP (NYSE:KNOP) Investor Overview
Slide 19: Appendix 1: Recent developments
Appendix 1 Recent developments 19
Slide 20: 1Q 2026 and subsequent: financial and operational headlines
1Q 2026 and • 1Q 2026 financial headlines include: • Revenues: $92.0m subsequent: • Operating income: $14.7m • Net income: $2.6m financial and • Adjusted EBITDA: $56.5m operational • Available liquidity on March 31, 2026: $140.7m, comprising $92.7m in cash and cash equivalents plus $48.0m of undrawn
Slide 21: 1Q 2026 to-date: key developments (1 of 2)
Annual Meeting 1Q 2026 to-date: On each of December 15, 2025, December 22, 2025 and January 5, 2026, the Partnership sought to convene the 2025 Annual Meeting of Unitholders. However, on each of these occasions, an insufficient number of unitholders were represented for the key developments required
Slide 22: 1Q 2026 to date: key developments (2 of 2)
Hilda Knutsen On January 5, 2026, we exercised our option to continue the time charter of the 1Q 2026 to date: Hilda Knutsen with Shell through to March 2027. key developments On April 22, 2026, a time charter for the Hilda Knutsen was executed with Eni, to commence in Q3 2027 for a fixed period of
Slide 23: Appendix 2: 1Q 2026 financial results
Appendix 2 1Q 2026 financial results 23
Slide 24: Income statement
Income Unaudited, USD thousands Time charter and bareboat revenues 1Q 2026 89,224 4Q 2025 95,945 3Q 2025 96,329 2Q 2025 85,920 FY 2025 361,185 FY 2024 306,915 FY 2023 277,084 statement Voyage revenues Loss of hire insurance recoveries Other income — 2,227 556 — — 542 — — 538 — 607 533 466 607 2,185
Slide 25: Balance sheet
Balance Unaudited, USD thousands At March 31, 2026 At Dec 31, 2025 At March 31, 2026 At Dec 31, 2025 sheet Current assets: Current liabilities: Cash and cash equivalents 92,656 88,983 Current portion of long-term debt 427,967 381,126 Inventories 4,177 4,288 Current lease liabilities 412 406 Amounts
Slide 26: Debt maturity profile
Debt maturity profile 600,000 500,000 • Access to wide pool of lenders, attractive bank finance and several key lender relationships with major players 400,000 US$ (000) 300,000 • Average margin paid on the Partnership’s outstanding debt during 1Q 2026 was 2.22% over SOFR. 200,000 100,000 0 2026 202
Slide 27: Long-term borrowings reported at March 31, 2026
Vessels providing Original Outstanding at of which Current Balloon due at Unaudited, USD thousands security at amount1 March 31, 2026 Instalments2 maturity3 Long-term March 31, 2026 Anna, Tordis, 1. Loan due September 2026 345,000 232,069 12,548 219,521 Vigdis, Brasil, Lena borrowings 2. Loan due Oc
Slide 28: Adjusted EBITDA
Adjusted Unaudited, USD thousands 1Q 2026 4Q 2025 3Q 2025 2Q 2025 FY 2025 FY 2024 FY 2023 EBITDA Net income (loss) 2,627 (6,246) 15,114 6,810 23,259 14,065 (34,328) Interest income (788) (1,088) (832) (903) (3,571) (3,636) (3,468) Interest expense 13,923 15,328 16,484 15,316 62,030 67,352 72,070 Dep
Slide 29: Appendix 3: Considerations for investors
Appendix 3 Considerations for investors 29
Slide 30: Non-GAAP financial measures
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 performance
Slide 31: US investor considerations
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 KNOP is cl
Slide 32: KNOT Offshore Partners
K N O l Offshore Partners 32
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