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KNOT Offshore Partners LP Announces Completion of the Acquisition of Dan Sabia

June 15, 2015

ABERDEEN, Scotland--(BUSINESS WIRE)-- KNOT Offshore Partners LP (the "Partnership") (NYSE: KNOP) announced today that it has completed its acquisition of all the ownership interests in the company that owns and operates the shuttle tanker Dan Sabia. The purchase price was $103.0 million, net of $64.5 million of outstanding indebtedness related to the vessel, subject to post-closing adjustments. The cash portion of the purchase price was financed with proceeds from the Partnership’s public offering of 5,000,000 common units which closed on June 2, 2015.

The Dan Sabia is operating in Brazilian waters under bareboat charter (the “Dan Sabia Charter) with Petrobras Transporte S.A. The Dan Sabia Charter commenced upon delivery of the vessel in the first quarter of 2012 and will terminate in the first quarter of 2024.

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

Source: KNOT Offshore Partners LP

Source: KNOT Offshore Partners LP

KNOT Offshore Partners LP

John Costain

Chief Executive Officer and Chief Financial Officer

44 7496 170 620

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