KNOT Offshore Partners LP Common Units representing Limited Partner Interests (KNOP) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Hello and welcome everyone to the first quarter 2025 earnings call. My name is Maxine and I'll be coordinating the call today. If you would like to ask a question, you may do so by pressing star flow by one on your telephone keypad. I will now hand you over to Derek Lowe, Chief Executive Officer. Please go ahead. Thank you, Maxine, and good morning, ladies and gentlemen. My name is Derek Lowe and I'm the Chief Executive and Chief Financial Officer of Knott Offshore Partners. Welcome to the partnerships earnings call for the first quarter of 2025. Our website is knottoffshorepartners.com and you can find the earnings release there along with this presentation. On slide two, you will find guidance on the inclusion of forward-looking statements in today's presentation. These are made in good faith and reflect the management's current views, known and unknown risks, and are based on assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond our control. Actual results may differ materially from those expressed or implied in forward-looking statements, and the partnership does not have or undertake a duty to update any such forward-looking statements made as of the date of this presentation. For further information, please consult our SEC filings, especially in relation to our annual and quarterly results. Today's presentation also includes certain non-US GAAP measures, and our earnings release includes a reconciliation of these to the most directly comparable GAAP measures. On slide three, We have the financial and operational headlines for Q1. Revenues were $84 million, operating income $23.4 million, and net income $7.6 million. Adjusted EBITDA was $52.2 million. We closed Q1 with $101 million in avail...