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Knot Offshore Partners LP ("Knop" or the "Partnership") Announced Today That Knutsen NYK Offshore Tankers AS, Our Sponsor, Has Sent out the Following Press Release:

September 15, 2014

Knutsen NYK Offshore Tankers AS orders two new DP2 Shuttle tankers for long-term charters with BG

On 12 September 2014, Knutsen NYK Offshore Tankers entered into new long-term charters with a subsidiary of BG Group plc (“BG”) to provide shuttle tanker services in Brazil. The contract with BG will be serviced by two Suezmax-size DP2 shuttle tanker newbuildings to be constructed by Hyundai Heavy Industries (“HHI”) in South Korea. The contract for two new shuttle tankers with HHI was also signed on 12 September 2014.

Upon delivery being end of 2016, the vessels will commence operations under long-term time-charters. If BG declares all extension options, the vessels could operate under the charters for up to a maximum of 20 years. BG will also for a period of one year have the option to increase the number of shuttle tankers to three or four in total at similar terms. Pursuant to the Omnibus Agreement between Knutsen NYK Offshore Tankers AS and NYSE listed KNOT Offshore Partners LP (“KNOP”) requiring KNOT to offer to KNOP vessels with contracts longer than five years, KNOP will have the option to acquire the vessels at fair market value from Knutsen NYK Offshore Tankers AS following the charterer’s acceptance of the vessels.

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

The statements in this press release that are not historical facts may be forward-looking statements. These forward-looking statements are based upon the current beliefs and expectations of KNOP’s management and are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. Factors that can affect future results are discussed in the Annual Report on Form 20-F filed by KNOP with SEC. The information set forth herein should be read in light of such risks. KNOP does not assume any obligation to update the information contained in this press release.

Source: Knot Offshore Partners LP

KNOT Offshore Partners LP

Arild Vik, 44-7581899777

Chief Executive Officer and Chief Financial Officer

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