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KNOT Offshore Partners LP Announces Completion of Acquisition of Dan Cisne

December 16, 2014

ABERDEEN, Scotland--(BUSINESS WIRE)-- KNOT Offshore Partners LP (NYSE: KNOP) announced today that further to its announcement on December 10, 2014, its wholly owned subsidiary KNOT Shuttle Tankers AS has completed its acquisition of all interests in Knutsen Shuttle Tanker 20 AS that owns and operates the Dan Cisne from KNOT Offshore Tankers AS for a purchase price of $103.0 million less approximately $82.1 million of existing bank debt ($23.4 million of which was prepaid by KNOT 20 at closing). The purchase price has been settled by way of a cash payment of approximately $8.8 million and with seller financing provided by KNOT in the form of a loan in the amount of approximately $12.0 million.

The Dan Cisne is a 59,000 deadweight ton shuttle tanker, built by Cosco Nantong in China. The vessel was purchased by KNOT in September 2014 from J. Lauritzen. It is operating under a twelve year contract with Transpetro, with a remaining firm contract period of 8.7 years. Including the Dan Cisne, the Partnership will have a fleet of eight vessels with an average age of 3.2 years and with a fixed average employment of 5.4 years.

About KNOT Offshore Partners LP

KNOT Offshore Partners LP owns, operates and acquires shuttle tankers under long-term charters in the deepwater offshore oil production regions of the North Sea and Brazil. KNOT Offshore Partners LP is structured as a publicly-traded master limited partnership. KNOT Offshore Partners LP’s common units trade on the New York Stock Exchange under the symbol “KNOP.”

Source: KNOT Offshore Partners LP

KNOT Offshore Partners LP

Arild Vik

Chief Executive Officer and Chief Financial Officer

44 7581 899777

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