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

March 01, 2018

ABERDEEN, Scotland--(BUSINESS WIRE)-- KNOT Offshore Partners LP (the “Partnership”) (NYSE:KNOP) announced today that its wholly owned subsidiary, KNOT Shuttle Tankers AS, has acquired (the “Acquisition”) all of the ownership interests in KNOT Shuttle Tankers 30 AS (“KNOT 30”), the company that owns and operates the shuttle tanker Anna Knutsen, from Knutsen NYK Offshore Tankers AS (“Knutsen NYK”) for an aggregate purchase price of $120.0 million, less $106.8 million of outstanding indebtedness under the secured credit facility related to the vessel (the “Anna Facility”), plus approximately $1.4 million for certain capitalized fees related to the financing of the Anna Knutsen. On the closing of the acquisition, KNOT 30 repaid approximately $32.4 million of the indebtedness, leaving an aggregate of approximately $74.4 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.

The Anna Knutsen is DP2 Suexmax class shuttle tanker, delivered in March 2017 and is operating in Brazil under a time charter with Galp Sinopec Brazil Services B.V., which will expire in the second quarter of 2022. The charterer has options to extend the charter for two three-year periods.

The Board of Directors of the Partnership (the “Board”) and the Conflicts Committee of the Board approved the purchase price and terms of the Acquisition. The Conflicts Committee retained an outside financial advisor to assist with its evaluation of the Acquisition.

Including the Anna Knutsen, the Partnership now has a fleet of sixteen vessels with an average age of 4.6 years and a fixed average employment of 4.0 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

KNOT Offshore Partners LP

John Costain, 44 749 6170 620

Chief Executive Officer and Chief Financial Officer

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