KNOT Offshore Partners reported total revenues of $96.8 million for the second quarter of 2026, exceeding analyst estimates and reflecting stable fleet operations. The partnership successfully addressed near-term liquidity concerns by closing a $225 million senior secured credit facility to refinance maturities due in September 2026. High fleet utilization and successful insurance recoveries for off-hire time supported a net income of $3.4 million, allowing the partnership to maintain its increased quarterly distribution.
Key Highlights
- Total revenue of $96.8 million outperformed the $93.48 million estimate, driven by $1.9 million in extra loss-of-hire insurance recoveries.
- Refinanced $225.8 million in debt with a new senior secured facility maturing in 2031 at a margin of 1.65% over SOFR.
- Fleet utilization reached 96.8% for scheduled operations, with the partnership fully contracted for the second half of 2026.
- Completed the acquisition of the 2024-built shuttle tanker Hedda Knutsen on September 1, 2026, currently on charter to Petrobras through 2034.