Knot Offshore Partners Lp · NYSE:KNOP
Knot Offshore Partners Lp — Q2 2026 Earnings Presentation
26 slides from Knot Offshore Partners Lp's earnings presentation, Sep 4, 2026
Slide 1: 2Q 2026 Earnings Presentation
04.09.2026 2Q 2026 September 2026 (NYSE:KNOP)
Slide 2: Forward-looking statements
04.09.2026 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: 2Q 2026 and subsequent: financial and operational headlines
04.09.2026 2Q 2026 and • 2Q 2026 financial headlines include: • Revenues: $96.8m subsequent: • Operating income: $15.6m • Net income: $3.4m financial and • Adjusted EBITDA: $57.6m operational • Available liquidity on June 30, 2026: $143.3m, comprising $95.3m in cash and cash equivalents plus $48m of
Slide 4: Hedda Knutsen purchase
04.09.2026 Hedda Knutsen Overview of September 1, 2026 Transaction Strategic and Commercial Implications • The Hedda Knutsen acquisition provides: purchase • On September 1, 2026, we purchased the Hedda Knutsen from KNOT • Fleet growth • Increased pipeline of long-term contracts • Purchase price: $1
Slide 5: 2Q 2026 to date: key contractual developments
Hilda Knutsen 04.09.2026 On April 22, 2026, a time charter for the Hilda Knutsen was executed with Eni, to commence in June 2027 for a fixed period of three years plus three charterer’s options each for one additional year. 2Q 2026 to date: Recife Knutsen key contractual On April 24, 2026, a time ch
Slide 6: Autumn 2026 operating momentum
04.09.2026 Autumn 2026 • Continued tightening in market for shuttle tankers • Brazil: Robust multi-year FPSO pipeline continues to deliver operating while existing production exceeds nameplate volumes • North Sea: Continuing investment in both exploration and momentum existing project expansion • Co
Slide 7: Financial results
04.09.2026 Financial results 2Q 2026 7
Slide 8: Income statement
04.09.2026 Income Unaudited, USD thousands Time charter and bareboat revenues 2Q 2026 92,085 1Q 2026 89,224 4Q 2025 95,945 3Q 2025 96,329 YTD 2026 181,309 FY 2025 361,185 FY 2024 306,915 statement Voyage revenues Loss of hire insurance recoveries Other income — 4,127 564 — 2,227 556 — — 542 — — 538
Slide 9: Adjusted EBITDA
04.09.2026 Adjusted Unaudited, USD thousands 2Q 2026 1Q 2026 4Q 2025 3Q 2025 YTD 2026 FY 2025 FY 2024 EBITDA Net income (loss) 3,411 2,627 (6,246) 15,114 6,038 23,259 14,065 Interest income (965) (788) (1,088) (832) (1,743) (3,571) (3,636) Interest expense 13,801 13,923 15,328 16,484 27,724 62,030 6
Slide 10: Balance sheet
04.09.2026 Balance Unaudited, USD thousands At June 30, 2026 At Dec 31, 2025 At June 30, 2026 At Dec 31, 2025 sheet Current assets: Current liabilities: Cash and cash equivalents 95,255 88,983 Current portion of long-term debt 313,819 381,126 Inventories 4,588 4,288 Current lease liabilities 419 406
Slide 11: Long-term borrowings reported at June 30, 2026
04.09.2026 Vessels providing Original Outstanding at of which Current Balloon due at Unaudited, USD thousands security at amount1 June 30, 2026 Instalments2 maturity3 Long-term June 30, 2026 1. Loan due October 2026 89,560 67,170 2,488 64,682 Live 2. Loan due January 2027 88,000 59,980 3,882 56,098
Slide 12: Debt maturity profile
04.09.2026 Debt maturity profile 400,000 300,000 • Access to wide pool of lenders, attractive bank finance and several key lender relationships with major players US$ (000) 200,000 • Average margin paid on the Partnership’s outstanding debt during 2Q 2026 was 2.21% over SOFR. 100,000 0 2026 2027 202
Slide 13: KNOP – Looking Forward
04.09.2026 KNOP – Looking Forward 2Q 2026 13
Slide 14: Forward contracted revenue backed by leading energy companies
September 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2026(1) 04.09.2026 Shell InsurancePetroChina Shell ExxonMobil . Windsor 15 . 18 20 Equinor KNOT . Equinor Bodil * 10 . 15 18 . Transpetro (BBC) Transpetro (TC) KNOT . Fortaleza 15 18 Forward contracted Recife Transpetro (BBC)
Slide 15: Forward contract coverage in September 2026
04.09.2026 100% Forward contract coverage 90% in September 2026 80% 70% • This chart includes any contract developments after June 30, 2026, up to 60% the date of the Partnership’s 2Q 2026 50% Earnings Release. 40% • Based on current charter rates, charterers’ options are expected to be exercised 30
Slide 16: Dropdown inventory held/ordered by Sponsor at September 2026
04.09.2026 2025 2026 2027 2028 Eli Petrobras Dropdown inventory Janeiro Petrobras held/ordered by Turid Petrobras KNOT (N1252) PRIO Sponsor at KNOT (N1229) Petrobras September 2026 KNOT (N1230) Oil major Oil major KNOT (N1337) In June 2026, the The acquisition by KNOP of any dropdown KNOT (N1336) Oi
Slide 17: Brazilian market continues to set production records
04.09.2026 Record Petrobras Oil Production: 2.7 mbpd Brazilian market continues to set production records • Significant progress from Petrobras efforts to increase production volume of existing platforms • FPSO deliveries and ramp-ups continue Source: Petrobras 2Q26 Investor Webcast Presentation, Au
Slide 18: Petrobras' outlook for 2026
04.09.2026 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 18
Slide 19: FPSO ordering and deliveries continuing at pace in Brazil
04.09.2026 FPSO ordering and deliveries continuing at pace in Brazil • Signed two further FPSO contracts in May 2026 • Most recent FPSO deployed at record speed Source: Petrobras Business Plan 2026-2030 19
Slide 20: 2Q 2026 & subsequent summary
04.09.2026 2Q 2026 Developments in 3Q 2026 to date 2Q 2026 & subsequent • 96.8% utilization for scheduled summary operations, taking into account the schedule for drydocking of the • Purchased Hedda Knutsen Fortaleza Knutsen (92.4% overall) • Generated: • Agreed additional contract periods for • Rev
Slide 21: 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 22: Questions
04.09.2026 Questions 2Q 2026 22
Slide 23: Appendix
04.09.2026 Appendix 2Q 2026 23
Slide 24: US investor considerations
04.09.2026 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 25: Non-GAAP financial measures
04.09.2026 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 26: KNOT Offshore Partners
K N O l Offshore 04.09.2026 Partners
KNOT Offshore Partners — Q2 2026 Earnings Presentation on 6ix