KNOT Offshore Partners reported a strong Q3 2025, marked by high utilization and robust financial performance, while actively engaging in strategic fleet expansion, significant refinancing efforts, and navigating an unsolicited acquisition offer from its sponsor.
- The company is currently reviewing an unsolicited nonbinding offer from its sponsor, KNOT, to purchase publicly-owned common units at $10 each, a matter under review by the Board's Conflicts Committee with independent advisers.
- KNOT Offshore Partners acquired the Daqing Knutsen from its sponsor with a guaranteed higher rate for seven years and concluded a unit buyback program, purchasing nearly 385,000 common units at an average of $7.87 per unit.
- The company successfully completed four refinancings in the second half of 2025, including a sale and leaseback arrangement for the Tove Knutsen and new loans for the Synnøve Knutsen, while growing its fixed contract backlog to $963 million averaging 2.6 years, with strong coverage for 2026 and 2027.