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KNOT Offshore Partners LP Announces Completion of the Acquisition of Ingrid Knutsen

October 15, 2015

ABERDEEN, Scotland--(BUSINESS WIRE)-- KNOT Offshore Partners LP (the “Partnership”) (NYSE:KNOP) announced today that it has completed its acquisition of the ownership interests in the company that owns and operates the shuttle tanker Ingrid Knutsen for an aggregate purchase price of $115.0 million. The Partnership has financed the purchase price with cash in hand, and the assumption of $104.5 million of outstanding indebtedness related to the vessel.

The Ingrid Knutsen is an 112,000-deadweight ton shuttle tanker, built by Hyundai Heavy Industries in South Korea and delivered in December 2013. The vessel is operating in the North Sea under a ten-year time charter with Standard Marine Tønsberg AS (a Norwegian subsidiary of ExxonMobil), which will expire in the first quarter of 2024. The charterer has options to extend the charter for one three-year period and one two-year period.

Including the Ingrid Knutsen, the Partnership now has a fleet of ten vessels with an average age of 3.8 years and a fixed average employment of 5.8 years.

About KNOT Offshore Partners LP

The Partnership owns, operates and acquires shuttle tankers under long-term charters in the deep-water 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

KNOT Offshore Partners LP

John Costain, 44 749 6170 620

Chief Executive Officer and Chief Financial Officer

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