核心要點

• 2026財年第二季度營收為9680萬美元，營業利潤為1560萬美元，淨利潤為340萬美元，調整後EBITDA為5760萬美元。
• 截至6月30日，可用流動資金達到1.433億美元，其中包括9530萬美元的現金及現金等價物，以及4800萬美元的未提取額度。
• 在Fortaleza輪進塢維修後，船隊整體利用率為92.4%；扣除計劃內進塢影響後的調整後利用率為96.8%。
• KNOP於9月1日以1.13億美元收購了Heda Knudsen輪。在承擔8940萬美元債務額度並加上80萬美元資本化孖展費用後，淨現金成本為2440萬美元。
• 截至季度末，固定租船儲備訂單達8.812億美元，平均期限為2.5年。租船人選擇權平均可再延長四年。
• 每普通單位季度現金派息從上一季度的0.05美元增加至0.075美元。管理層預計船隊增長和更強勁的租船市場將在未來幾個季度和幾年內支持多次逐步提高派息。

關鍵財務數據

業務與經營業績

在2026年剩餘時間內，KNOP已實現全額出租。2027年的確定租約覆蓋率為92%，計入租船人選擇權後升至96%。2028年的確定覆蓋率為65%，計入選擇權後為93%。管理層表示，當前的租船費率使得租船人極有可能行使選擇權。

該合夥企業獲得了多艘船舶的額外多年期租約。Hilder Knudsen輪獲得了與埃尼公司（Eni）簽訂的為期三年的租約，自2027年6月開始，並附帶三個一年期的選擇權。Recife Knutsen輪獲得了與Transpetro簽訂的為期兩年的租約，自2026年第三季度開始。Ingrid Knudsen輪獲得了與埃尼公司簽訂的為期三年的租約，自2026年10月開始，同樣附帶三個一年期的選擇權。

9月份對Heda Knudsen輪的收購擴大了船隊規模，並將船隊平均船齡縮短了近半年。該船於2024年10月交付，出租給巴西石油（Petrobras），租期至2034年11月，並附帶額外的五年選擇權。在收購之前，KNOP在季度末擁有19艘船舶，平均船齡為10.7年。

管理層指出，在產量增長、FPSO部署和持續的海上投資支持下，巴西和北海的穿梭油輪市場呈現趨緊態勢。公司還表示，穿梭油輪的新船手持訂單仍處於非投機狀態，不足以滿足預期需求。

KNOP通過一項新的2.25億美元、五年期高級擔保定期貸款，對其由五艘船舶擔保的債務進行了再孖展，利率為SOFR加165個點子。該合夥企業繼續以每年約9500萬美元的速度償還債務。

管理層展望

根據當前的市場費率，管理層預計租船人將行使選擇權。如果行使這些選擇權，且市場勢頭得以延續，隨着部分船隊在未來幾年內到期可供租用，KNOP認為存在潛在的上升空間。

公司表示，增值性的母公司資產注入收購以及不斷改善的租船市場，應能在未來幾個季度和幾年內支持其可持續派息的多次逐步增加。未來收購的時機將取決於船舶交付情況、發起人KNOT的報價以及KNOP獨立衝突委員會的批准。

風險與關注事項

按確定合同計算，KNOP在2027年之後的遠期租約覆蓋率有所下降，這使得未來現金流的可能能見度部分取決於租船人選擇權的行使及市場能否持續強勁。

船隊資產存在折舊和老化問題。管理層表示，隨着未來幾年部分船舶逐漸老舊，持續的資產注入收購旨在補充和更新船隊。

債務再孖展仍是一項持續考量的事項。管理層表示，在對將於10月晚些時候到期的6500萬美元額度進行再孖展方面已取得良好進展，同時指出無法對未來獲得孖展能力作出保證。

分析師問答亮點

B. Riley Securities詢問Heda Knudsen輪的孖展結構是否能夠支持更快的船隊增長節奏。管理層回應稱，收購時機取決於發起人船舶何時交付和報價，以及衝突委員會的意見。

管理層補充稱，發起人船舶通常已具備可轉讓給KNOP的擔保債務額度。管理層認為Heda Knudsen輪的孖展模式和約2400萬美元的淨現金成本與以往的資產注入交易大致一致。

業績電話會議完整文字記錄

完整財報電話會議逐字稿

管理層陳述

Operator

Ladies and gentlemen, thank you for joining us and welcome to the KNOT Offshore Partners Second Quarter 2026 Earnings Call. After today's prepared remarks, we will host a question and answer session with an opportunity for equity research analysts to ask questions. [Operator Instructions] I will now hand the conference over. Derek Lowe. Please go ahead, sir.

Derek Lowe

Thank you, Leo, and good morning, ladies and gentlemen, my name is Derek Lowe and I'm the Chief Executive and Chief Financial Officer of KNOT Offshore Partners. Welcome to the partnership's earnings call for the second quarter of 2026. Our website is knotoffshorepartners.com and you can find the earnings release there along with this presentation. On slide 2, you'll find guidance on the inclusion of forward-looking statements in today's presentation. These are made in good faith and reflect management's current views, known and unknown risks, and are based on assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond our control. Actual results may differ materially from those expressed or implied in forward-looking statements, and the Partnership does not have or undertake a duty to update any such statements made as of the date of this presentation. For further information, please consult our SEC filings, especially in relation to our annual and quarterly results.

Today's presentation also includes certain non-GAAP measures, and our earnings release includes a reconciliation of these to the most directly comparable GAAP measures. We begin on slide 3 with the Q2 financial and operational headlines. Revenues were $96.8 million, operating income $15.6 million, net income $3.4 million, adjusted EBITDA $57.6 million. And as of June 30, 2026, we had $143.3 million in available liquidity made up of $95.3 million in cash and cash equivalents plus $48 million in undrawn capacity. This available liquidity was $2.6 million higher than at March 31, and that rise is largely in line with the reducing trend in recent quarters. We operated with 96.8% utilization, taking into account scheduled dry docking, which amounts to 92.4% utilization overall following the dry docking of Fortaleza. Following the end of the quarter, we declared a cash distribution of ¢7.5 per common unit, which was paid in August under the 1099 structure and which represented an increase from the previous level.

We're pleased to have continued the process of multiple gradual increases to our distribution, anchored in our reliable and diversified long-term cash flow and improved balance sheet. On slide 4, we have the most significant development since the start of the second quarter. On September 1, 2026, we purchased the Heda Knudsen from KNOT for a purchase price of $113 million, less an $89.4 million debt facility, plus $0.8 million of capitalized financing fees, resulting in a net cash cost of $24.4 million. The transaction was negotiated by our board's independent conflicts committee. The vessel was delivered new to KNOT in October 2024, and is on time charter to Petrobras in Brazil through to November 2034 with an additional five years of charter as options. The acquisition provides fleet growth, diversifies and extends our pipeline of long-term contracts, reduces our average fleet age and develops the fleet in the most in-demand shuttle tanker gross asset class. And on slide 5, we have commercial and financing developments.

We list here a number of positive contractual developments since the beginning of the second quarter. In addition to the various charterers options exercised as expected, I would highlight the time charter for Hilder Knudsen was executed with ENI to commence in June 2027 for a fixed period of three years plus three charterer's options each for one additional year. Time charter for Recife Knutsen was executed by Transpetro to commence in Q3 2026 for a fixed period of two years. The agreement was reached with E&I for a time charter on Ingrid Knudsen, commencing October 2026, for three years fixed, plus three options each of one year. This indirect continuation of the existing time charter to E&I replaces their existing options. And we refinanced the loan secured by the Tordis Knutsen, Vigdis Knutsen, Lena Knutsen, Anna Knutsen, and Brazil Knutsen via a new $225 million five-year senior secured term loan facility arranged by DNB, with the interest rate reduced meaningfully to SOFR plus 165 basis points. Turning to slide 6 for a high-level summary of our operating momentum.

In both Brazil and the North Sea, we continue to see tightening markets driven by robust multi-year FPSO pipeline, production growth and continuing investment in exploration and existing project expansion. The increase in shuttle tanker service volumes across both markets has been sustained and sufficient to tighten the supply-demand balance, even as new vessels have been delivered. We have expanded our strong backlog with $881.2 million of fixed contracts at quarter end, which average 2.5 years in duration, and chartered options averaging further four years. At quarter end, our fleet of 19 vessels had an average age of 10.7 years. Acquisition of the Heda Knudsen reduces the average age by nearly half a year. We are continuing to repay debt at around $95 million per year, which we consider prudent with a depreciating asset base. And we are well advanced in the refinancing of the $65 million facility secured by the Lena Knutsen, which is due later in October.

Over slides 8 to 11, we provide the financials for Q2, the highlights of which we've covered already. On slide 12 is our debt maturity profile. While no guarantees can be made, we have historically benefited from access to a wide pool of lenders and attractive bank finance. We've been encouraged by our refinancing experience in recent years, including during significantly weaker shuttle tanker markets than the current one. Notably, the average margin on our floating rate debt during the second quarter was 2.21% over SOFR. Moving on to slide 14 and our charter portfolio, I believe this remains a very useful resource for investors looking to track the primary moments where change can occur in a highly stable portfolio of cash flows. Based on current charter rates, we believe charter options are likely to be exercised given the strength of the charter market.

On slide 15, you can see our strong forward coverage where we're fully chartered for the remainder of 2026. And in 2027, we have 92% firm coverage or 96% including charter as options. Likewise for 2028, we have 65% firm coverage, or 93%, including charter's options. If we assume that charter's options are picked up, which is our current expectation, then you can see the slowly widening light gray section at the top of the bars as those offering upside potential for the KNOP fleet if market momentum is sustained. On slide 16, you can see the drop-down inventory held at the sponsor. Drop-downs have been the route to growth in the fleet throughout the life of the partnership and remain the means of replenishing and rejuvenating the fleet. In June 2026, the partnership decided not to pursue the Frieda Knudsen and the Sindra Knudsen and they've been removed from our drop-down inventory.

At the same time, we believe that the combination of accreted drop-downs and an improving charter market should support multiple, gradual distribution increases over the coming quarters and years, in addition to materially extending our long-term cash generation runway, as certain of our vessels begin to age out in the years ahead. On slides 17 to 19, we include market commentary, particularly from Petrobras, which continues to highlight record production, a strong and expanding offshore production outlook and continued FPSO deployment. We encourage you to review this, as well as the copious materials that Petrobras publishes as the largest player in the Brazilian market where we primarily operate. To summarize on slide 20, during the second quarter we had strong utilization and solid financial results. We secured additional charter coverage across key vessels. We maintained a constructive backlog and market outlook. And we paid a quarterly distribution of ¢7.5 per unit, which is an increase from ¢5 in the prior quarter and ¢2.6 per quarter for several years before that. Following the end of the quarter, we purchased the Heda Knudsen, secured additional charter coverage and refinanced the $225 million loan facility.

And on slide 21, we conclude with the key themes for KNOP and the shuttle tanker market. The market remains niche and highly concentrated. Offshore extraction continues to take market share from traditional onshore production. And FPSOs serviced by shuttle tankers remain dominant compared with the construction of new pipelines. Brazil and North Sea offshore build-outs have strong momentum following a quieter stretch, while the shuttle tanker order book remains non-speculative and insufficient to meet anticipated demand levels. Looking ahead to coming quarters and years, we believe that KNOP is well-positioned to pursue attractive long-term growth opportunities alongside multiple gradual increases to our sustainable distribution. With that, I'll hand the call back to Leo for any questions.

Thank you.

Operator

We will now begin the question and answer session. [Operator Instructions] Your first question comes from the line of Liam Burke with B. Riley Securities.

分析師問答

Liam Burke

Please go ahead. Rick, you've been a busy man this quarter.

Derek Lowe

Yes, I have. Thanks, Liam.

Liam Burke

In terms of drop-downs, the financing of the Heda Knudsen was pretty elegant with the assumption of debt and the addition of cash. Does that, when I think about the potential drop-downs and the ability to finance them, Do you anticipate a different cadence of growing the fleet or are you just going to take it as they come along?

Derek Lowe

Well, we respond to the offers that are made to us and obviously, only a limited number of the fleet have been delivered, of the drop-down vessels have been delivered at this stage, and so they can only be offered once they've been delivered. So it's a matter of the timing of the offers and the response that the Conflicts Committee wants to make to them.

Liam Burke

Okay, but would you envision the financing similar to the Heda Knudsen, which as I said before, is a pretty elegant way to fund a drop-down?

Derek Lowe

Yeah, I mean, the standard model for all of them is that they have a secure debt facility in place already as they are offered. The financing itself does not need to be arranged at the time that the drop-down is offered. And it's a standard term of those facilities that the guarantor or the ownership and the guarantor arrangements can be transferred over to KNOP from KNOT. So that's that is straightforward. But I would say the loan on the Heda Knudsen is very standard from the point of view of the drop-downs we've had in the past, so those terms did not come as a great surprise, nor did the approximate cash cost of the transaction, so that $24 million is fairly consistent with the cost that you'll see the sort of net of debt, the cost that you'll see in the previous transactions we've done.

Operator

Great. Thank you, Derek. Great. Thanks, Liam. There are no further questions at this time. I will now turn the call back to Derek Lowe for closing remarks.

Derek Lowe

Well, thank you again, ladies and gentlemen, for joining us earnings call for KNOT Offshore Partners in the second quarter of 2026. And I look forward to speaking with you again following the third quarter results. This concludes today's call. Thank you for attending. You may now disconnect.

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