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Edge12 Dec 2025
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KNOT Offshore Partners (KNOP) investor relations material
KNOT Offshore Partners Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Dec, 2025
Executive summary
Q3 2025 revenues were $96.9 million, operating income $30.6 million, net income $15.1 million, and Adjusted EBITDA $61.6 million, with 99.9% fleet utilization and a $0.026 per unit cash distribution paid in November.
Received an unsolicited, non-binding $10 per unit buyout offer from sponsor KNOT, currently under review by the Conflicts Committee.
Completed acquisition of Daqing Knutsen, sale-leaseback of Tove Knutsen, and multiple refinancing transactions.
Available liquidity at quarter end was $125.2 million, up $20.4 million from Q2, with $77.2 million in cash and $48 million in undrawn credit.
Buyback program completed, repurchasing nearly 395,000 units at an average $7.87 per unit, totaling just over $3 million.
Financial highlights
Q3 2025 revenues were $96.9 million, operating income $30.6 million, net income $15.1 million, and Adjusted EBITDA $61.6 million.
Revenues increased $9.8 million sequentially from Q2 2025, mainly from the Daqing Knutsen addition.
Available liquidity at quarter-end was $125.2 million, with $77.2 million in cash and $48 million in undrawn credit.
Declared a cash distribution of $0.026 per common unit, paid in November.
Q3 2025 net income increased by $18.9 million year-over-year, reversing a net loss in Q3 2024.
Outlook and guidance
Shuttle tanker market tightening in Brazil and the North Sea, driven by FPSO startups and ramp-ups, with strong demand and limited newbuilds.
Petrobras' five-year plan and major pre-salt projects support continued strong demand for shuttle tankers.
93% of vessel time in 2026 and 69% in 2027 covered by fixed contracts; rises to 98% and 88% if all options are exercised.
100% charter coverage secured for Q4 2025 (excluding drydockings), and approximately 93% for 2026.
Open days in 2026 and 2027 present upside potential if current market momentum persists.
What are the KNOT Offer's approval contingencies?
Fleet charter coverage beyond 2026, given market?
Floating interest rate exposure management strategy?
Reason for early conclusion of unit buyback?
What drives medium-term shuttle tanker shortage?
Impact of 2026 drydock schedule on operations?
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Next KNOT Offshore Partners earnings date
Q4 202516 Mar, 2026
Next KNOT Offshore Partners earnings date
Q4 202516 Mar, 2026
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Frequently asked questions
KNOT Offshore Partners LP specializes in owning, acquiring, and operating shuttle tankers under long-term charters. These vessels are used primarily in the North Sea and Brazil, where they perform critical roles in the loading, transportation, discharge, and storage of crude oil. The company operates a modern fleet equipped with dynamic positioning (DP2) capabilities, catering to the specialized needs of offshore oil production regions. The company is headquartered in Aberdeen, United Kingdom, and its shares are listed on the New York Stock Exchange.
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