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

March 01, 2017

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 Tordis Knutsen (KNOT Shuttle Tankers 24 AS “KNOT 24”) for an aggregate purchase price of $147.0 million less $137.5 million of outstanding indebtedness plus approximately $21.1 million for a receivable owed by Knutsen NYK to KNOT 24 (the “Receivable”) and approximately $0.8 million for certain capitalized fees related to the financing of the Tordis Knutsen. On the closing of the acquisition, KNOT 24 repaid approximately $42.8 million of the indebtedness, leaving an aggregate of approximately $94.9 million of debt outstanding under the secured credit facility related to the vessel. The purchase price was settled in cash and will be subject to certain post-closing adjustments for working capital and interest rate swaps. On the closing of the acquisition, Knutsen NYK repaid the Receivable in full.

The Tordis Knutsen is a 156,559-deadweight ton shuttle tanker, built by Hyundai Heavy Industries in Korea and delivered in November 2016. The vessel is operating in the Brazil under a five-year time charter with a subsidiary of Royal Dutch Shell plc, which will expire in the expire first quarter of 2022. The charterer has options to extend the charter for two five-year periods.

Including the Tordis Knutsen, the Partnership now has a fleet of twelve vessels with an average age of 4.5 years and a fixed average employment of 4.9 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

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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