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KNOT Orders Two New DP2 Shuttle Tanker for Long-Term Charter with Equinor

September 27, 2018

ABERDEEN, Scotland--(BUSINESS WIRE)--

KNOT Offshore Partners LP Announced Today That Knutsen NYK Offshore Tankers, as Our Sponsor, Has Sent out the Following Press Release:

Haugesund, 26 September 2018

Knutsen NYK Offshore Tankers (“KNOT”) has been awarded a contract to build two new Shuttle Tankers.

The two 153,000 DWT DP2 shuttle tankers will be built by Hyundai Heavy Industries at their shipyard in South Korea and delivered in 2020.

The vessels will operate in Brazil, under a long-term charter with energy major Equinor ASA (formerly Statoil ASA).

“We are pleased to announce these new shuttle tanker contracts with Equinor, which further builds on KNOT’s market leading position in the Brazil and continues our long relationship with Equinor, which was established in 1984 when we ordered our first shuttle tanker” commented Trygve Seglem.

Mr. Trygve Seglem, President and CEO of KNOT

ABOUT KNOP

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.”

KNOP does not assume any obligation to update the information contained in this press release.

Pursuant to the Omnibus Agreement between KNOT and KNOT Offshore Partners LP (“KNOP”), KNOT will be required to offer both vessels to KNOP at fair market value following each vessel’s commencement of operations under its respective time charter. KNOP is not obligated to purchase any of these vessels. The acquisition of any of these vessels would be subject to approval by the board of directors of KNOT and KNOP and the conflicts committee of KNOP, and third-party consents. There can be no assurance that KNOP will purchase any of these vessels.

Source: Knot Offshore Partners LP

Knot Offshore Partners LP
John Costain
Chief Executive Officer and Chief Financial Officer
44 7496 170 620

Source: Knot Offshore Partners LP

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