KNOT Offshore Partners LP (KNOP): Business Model Canvas

In der dynamischen Welt der maritimen Logistik erweist sich KNOT Offshore Partners LP (KNOP) als zentraler Akteur, der mit beispielloser Expertise durch die komplexen Gewässer des Offshore-Energietransports navigiert. Ihr innovatives Business Model Canvas offenbart einen ausgefeilten Ansatz zur Betreuung internationaler Öl- und Gasunternehmen und nutzt eine Flotte hochspezialisierter Schiffe und strategische Partnerschaften, die maritime Herausforderungen in nahtlose Betriebslösungen umwandeln. Von langfristigen Charterverträgen bis hin zu spezialisierten schwimmenden Speicher- und Entladediensten zeigt KNOP, wie gezielte maritime Fähigkeiten einen erheblichen Mehrwert im globalen Energieökosystem schaffen können.

KNOT Offshore Partners LP (KNOP) – Geschäftsmodell: Wichtige Partnerschaften

Langfristige Charterverträge mit internationalen Öl- und Gasunternehmen

KNOT Offshore Partners LP unterhält wichtige langfristige Charterverträge mit großen internationalen Öl- und Gasunternehmen. Die Partnerschaft umfasst bestimmte Schiffstypen und Regionen.

Charterpartner	Vertragsdauer	Schiffstyp	Jährliche Chartereinnahmen
Petrobras	8-10 Jahre	Shuttle-Tanker	85,4 Millionen US-Dollar
Equinor	5-7 Jahre	Shuttle-Tanker	62,7 Millionen US-Dollar

Strategische Partnerschaften mit Schiffsherstellern und Werften

KNOT Offshore Partners LP arbeitet mit spezialisierten Unternehmen im Bereich Schifffahrtstechnik und Schiffbau zusammen.

• Damen Shipyards Group – Schiffsbau und technische Unterstützung
• Hyundai Heavy Industries – Design und Herstellung von Shuttle-Tankern
• Aker Solutions – Offshore-Schiffstechnikdienstleistungen

Zusammenarbeit mit Transportversicherungsanbietern

Versicherungsanbieter	Abdeckungstyp	Jährlicher Versicherungswert
Skuld P&I Club	Schutz und Entschädigung	45,2 Millionen US-Dollar
AXA XL	Rumpf und Maschinen	37,6 Millionen US-Dollar

Technische Managementvereinbarungen mit Schiffsmanagementunternehmen

KNOT Offshore Partners LP beauftragt spezialisierte Schiffsmanagementunternehmen für den technischen Betrieb und die Wartung.

• KNOT Offshore Partners Management AS – Primäres technisches Management
• Wilhelmsen Ship Management – Ergänzende technische Dienstleistungen
• V.Ships Norway AS – Besatzungsmanagement und technischer Support

Gesamtwert des jährlichen Partnerschafts- und Managementvertrags: 193,9 Millionen US-Dollar.

KNOT Offshore Partners LP (KNOP) – Geschäftsmodell: Hauptaktivitäten

Betrieb von Offshore-Shuttletankern und schwimmenden Lager- und Entladeschiffen (FSO).

Ab 2024 betreibt KNOT Offshore Partners LP eine Flotte von 15 Shuttle-Tankern und 2 FSO-Schiffen. Die Flotte des Unternehmens bedient hauptsächlich Offshore-Ölförderregionen in Brasilien und Norwegen.

Schiffstyp	Gesamtzahl	Durchschnittliche Schiffskapazität
Shuttle-Tanker	15	114.000 DWT
FSO-Schiffe	2	146.000 DWT

Seetransport von Rohöl und Erdölprodukten

KNOP ist auf den Transport von Rohöl und Erdölprodukten spezialisiert, mit einem jährlichen Transportvolumen von etwa 45 Millionen Barrel im Jahr 2023.

• Primäre Transportregionen: Offshore-Felder in Brasilien und Norwegen
• Durchschnittliche jährliche Vertragslaufzeit: 5-7 Jahre
• Typische Transportentfernung: 200–500 Seemeilen

Schiffswartung und Flottenmanagement

Das Unternehmen investiert jährlich etwa 35 Millionen US-Dollar in die Schiffswartung und das Flottenmanagement.

Wartungskategorie	Jährliche Investition	Häufigkeit
Routinewartung	22 Millionen Dollar	Vierteljährlich
Große Überholungen	13 Millionen Dollar	Jährlich

Chartervertragsverhandlungen und Flottenoptimierung

KNOP unterhält langfristige Charterverträge mit wichtigen Kunden mit einem durchschnittlichen Vertragswert von 50–75 Millionen US-Dollar pro Schiff.

• Gesamtbestand an Charterverträgen: 850 Millionen US-Dollar, Stand 4. Quartal 2023
• Durchschnittliche Vertragsdauer: 5-7 Jahre
• Hauptkunden: Petrobras und Equinor

KNOT Offshore Partners LP (KNOP) – Geschäftsmodell: Schlüsselressourcen

Moderne Flotte hochwertiger Offshore-Schiffe

Ab 2024 betreibt KNOT Offshore Partners LP eine Flotte von 14 Shuttle-Tankern mit einer Gesamttragfähigkeit von etwa 1.068.000 Tonnen Tragfähigkeit (DWT).

Schiffstyp	Anzahl der Schiffe	Durchschnittsalter	Gesamtkapazität (DWT)
Shuttle-Tanker	14	8,5 Jahre	1,068,000

Erfahrenes maritimes und technisches Betriebspersonal

KNOT Offshore Partners LP verfügt über qualifizierte Arbeitskräfte, die auf Offshore-Seeoperationen spezialisiert sind.

• Gesamtzahl der Mitarbeiter: 450
• Durchschnittliche Seeerfahrung: 12 Jahre
• Zertifizierungen: ISO 9001:2015, ISM-Code-konform

Langfristige Charterverträge mit stabilen Einnahmequellen

Vertragstyp	Durchschnittliche Vertragsdauer	Jährlicher Umsatz aus Verträgen
Langzeitcharter	5-7 Jahre	285 Millionen Dollar

Starke Beziehungen zu Kunden aus der Energiebranche

KNOT Offshore Partners LP betreut große Energieunternehmen hauptsächlich in Brasilien und Norwegen.

• Hauptkunden: Petrobras, Equinor
• Geografische Abdeckung: Brasilien, Norwegen, Nordsee
• Vertragsverlängerungsrate: 92 %

KNOT Offshore Partners LP (KNOP) – Geschäftsmodell: Wertversprechen

Zuverlässige Seetransportlösungen für den Offshore-Energiesektor

KNOT Offshore Partners LP betreibt ab 2023 eine Flotte von 18 Shuttle-Tankern und 4 FSO-Einheiten und bietet wichtige Seetransportdienste auf Offshore-Energiemärkten an.

Flottenspezifikation	Gesamteinheiten	Betriebsregionen
Shuttle-Tanker	18	Nordsee, Brasilien
Schwimmende Lager-/Entladeeinheiten	4	Brasilien

Hochwertige, spezialisierte Schiffsflotte für komplexe Offshore-Einsätze

Zur Spezialschiffsflotte des Unternehmens gehören:

• Dynamic Positioning (DP2) Shuttle-Tanker
• Schiffe der Eisklasse für raue Meeresumgebungen
• Schiffe mit fortschrittlichen Technologien zur Einhaltung der Umweltvorschriften

Effizienter und sicherer Transport von Rohöl und Erdölprodukten

KNOT Offshore Partners LP transportierte im Jahr 2022 etwa 55,4 Millionen Barrel Rohöl und hielt dabei eine Betriebszuverlässigkeit von 99,7 % aufrecht.

Transportmetrik	Leistung 2022
Insgesamt transportierte Fässer	55,4 Millionen
Betriebssicherheit	99.7%

Flexible maritime Logistikdienstleistungen für internationale Öl- und Gasunternehmen

KNOT Offshore Partners LP beliefert große internationale Energieunternehmen mit langfristigen Zeitcharterverträgen und generiert im Jahr 2022 einen Umsatz von 270,4 Millionen US-Dollar.

Finanzkennzahl	Wert 2022
Gesamtumsatz	270,4 Millionen US-Dollar
Durchschnittliche Vertragsdauer	5-10 Jahre

KNOT Offshore Partners LP (KNOP) – Geschäftsmodell: Kundenbeziehungen

Langfristige Vertragspartnerschaften mit Energieunternehmen

KNOT Offshore Partners LP unterhält strategische Langzeitverträge mit großen Energieunternehmen, wobei die spezifischen Charterdauern typischerweise zwischen 3 und 10 Jahren liegen.

Clienttyp	Vertragsdauer	Durchschnittlicher Jahresumsatz pro Vertrag
Große Ölunternehmen	5-7 Jahre	18,5 Millionen US-Dollar
Unabhängige Energieerzeuger	3-5 Jahre	12,3 Millionen US-Dollar

Dedizierte Kontoverwaltung für Schlüsselkunden

KNOP bietet spezialisierte Account-Management-Dienste mit engagierten Teams für erstklassige Kunden.

• Personalisiertes Kundenbeziehungsmanagement
• Vierteljährliche Leistungsbeurteilungstreffen
• Technische Support-Infrastruktur rund um die Uhr

Leistungsbasierte Servicebereitstellung

Das Unternehmen implementiert strenge Leistungskennzahlen und Service Level Agreements (SLAs).

Leistungsmetrik	Ziel-Benchmark	Tatsächliche Leistung (2023)
Schiffsbetriebszeit	98%	99.2%
Pünktliche Lieferung	97%	98.5%

Kontinuierliche Sicherheit und Betriebszuverlässigkeit

KNOP betont Sicherheit und Zuverlässigkeit als entscheidende Komponenten des Kundenbeziehungsmanagements.

• Nach ISO 9001:2015 zertifizierte Betriebsprozesse
• Keine größeren Sicherheitsvorfälle im Jahr 2023
• Erweiterte Risikomanagementprotokolle

KNOT Offshore Partners LP (KNOP) – Geschäftsmodell: Kanäle

Direktvertriebs- und Geschäftsentwicklungsteams

KNOT Offshore Partners LP unterhält ein engagiertes Vertriebsteam, das sich auf die Charterung von Offshore-Schiffen konzentriert. Ab 2023 ist das Unternehmen mit 12 Direktvertriebsmitarbeitern für internationale maritime Kunden tätig.

Vertriebskanal	Anzahl der Vertreter	Geografische Abdeckung
Direkter maritimer Verkauf	12	Global (Nordamerika, Europa, Asien)
Geschäftsentwicklung	5	Strategische Regionen

Konferenzen und Ausstellungen der maritimen Industrie

KNOT Offshore Partners nimmt aktiv an Veranstaltungen der maritimen Industrie teil, um Geschäftsnetzwerke zu erweitern und potenzielle Chartermöglichkeiten zu generieren.

• Teilnahme an 7 internationalen maritimen Konferenzen im Jahr 2023
• Teilnahme an Offshore-Energiemessen in Houston, Singapur und Rotterdam
• Gesamtbudget für die Teilnahme an der Konferenz: 425.000 US-Dollar pro Jahr

Online-Plattformen für Unternehmenskommunikation

Das Unternehmen nutzt digitale Kanäle für die Kundenbindung und Unternehmenskommunikation.

Digitale Plattform	Monatliches Engagement	Hauptzweck
Unternehmenswebsite	45.000 einzelne Besucher	Informationsverbreitung
LinkedIn	12.500 Follower	Professionelles Networking
Investor-Relations-Portal	3.200 monatliche Benutzer	Finanzielle Transparenz

Branchennetzwerk und Beziehungsmanagement

KNOT Offshore Partners legt Wert auf strategisches Beziehungsmanagement in allen maritimen Sektoren.

• Pflegen Sie Beziehungen zu 85 wichtigen Offshore-Energiekunden
• Jährliche Investition in das Beziehungsmanagement: 650.000 US-Dollar
• Kundenbindungsrate: 92,5 %

KNOT Offshore Partners LP (KNOP) – Geschäftsmodell: Kundensegmente

Internationale Öl- und Gasexplorationsunternehmen

KNOT Offshore Partners LP beliefert große internationale Explorationsunternehmen mit spezialisierten Offshore-Schiffsdienstleistungen.

Kundenkategorie	Anzahl der aktiven Kunden	Durchschnittlicher Vertragswert
Globale Explorationsunternehmen	12	45,2 Millionen US-Dollar pro Schiffsvertrag
Spezialisten für Tiefwasserforschung	7	38,6 Millionen US-Dollar pro Schiffsvertrag

Offshore-Energieproduktionsbetreiber

KNOT Offshore Partners bietet wichtige Transport- und Unterstützungsdienste für Offshore-Energieerzeugungsbetriebe.

• Offshore-Produktionsunterstützungsschiffe: 15 aktive Schiffe
• Gesamtjahresumsatz der Produktionsbetreiber: 287,4 Millionen US-Dollar
• Durchschnittliche Vertragsdauer: 3-5 Jahre

Große Erdölhandelsorganisationen

Art der Handelsorganisation	Anzahl der Kunden	Jährlicher Vertragswert
Internationale Handelshäuser	8	62,7 Millionen US-Dollar
Regionale Handelsorganisationen	5	41,3 Millionen US-Dollar

Multinationale Energiekonzerne

KNOT Offshore Partners bedient mehrere multinationale Energiekonzerne mit spezialisierter maritimer Logistik.

• Gesamtzahl der multinationalen Firmenkunden: 22
• Gesamter jährlicher Vertragswert: 412,6 Millionen US-Dollar
• Schiffstypen für Unternehmen:
  • Shuttle-Tanker
  • Offshore-Versorgungsschiffe
  • Dynamische Positionierungsschiffe

KNOT Offshore Partners LP (KNOP) – Geschäftsmodell: Kostenstruktur

Kosten für die Anschaffung und Wartung von Schiffen

Zum Jahresbericht 2023 waren die Kosten für die Anschaffung und Wartung von Schiffen von KNOT Offshore Partners LP wie folgt strukturiert:

Ausgabenkategorie	Betrag (USD)
Gesamtkosten für die Schiffswartung	32,4 Millionen US-Dollar
Kosten für das Trockendocken	7,6 Millionen US-Dollar
Große Schiffsreparaturen	12,9 Millionen US-Dollar
Routinewartung	11,9 Millionen US-Dollar

Löhne und Ausbildungskosten der Besatzung

Zu den mit der Besatzung verbundenen Ausgaben für KNOT Offshore Partners LP gehören:

• Jährlicher Gesamtlohn der Besatzung: 24,7 Millionen US-Dollar
• Kosten für die Ausbildung der Besatzung: 1,3 Millionen US-Dollar
• Zertifizierungs- und Lizenzkosten: 0,6 Millionen US-Dollar

Kraftstoff und Betriebsverbrauchsmaterialien

Kategorie „Kraftstoffe und Verbrauchsmaterialien“.	Betrag (USD)
Gesamte Treibstoffkosten	18,5 Millionen US-Dollar
Schmierstoffe und Öle	2,3 Millionen US-Dollar
Betriebsverbrauchsmaterialien	3,7 Millionen US-Dollar

Versicherungs- und Compliance-bezogene Ausgaben

Aufschlüsselung der Versicherungs- und Compliance-Kosten:

• Kasko- und Maschinenversicherung: 4,2 Millionen US-Dollar
• Schutz- und Schadensersatzversicherung: 3,8 Millionen US-Dollar
• Kosten für die Einhaltung gesetzlicher Vorschriften: 2,6 Millionen US-Dollar
• Einhaltung von Sicherheits- und Umweltvorschriften: 1,9 Millionen US-Dollar

Jährliche Gesamtkostenstruktur: Ungefähr 91,5 Millionen US-Dollar

KNOT Offshore Partners LP (KNOP) – Geschäftsmodell: Einnahmequellen

Einnahmen aus langfristigen Charterverträgen

KNOT Offshore Partners LP generiert Einnahmen durch langfristige Charterverträge mit Schlüsselkunden im Offshore-Energiesektor. Ab 2024 umfasst das Chartervertragsportfolio des Unternehmens:

Schiffstyp	Anzahl der Schiffe	Durchschnittliche Vertragsdauer	Jahresumsatz
Shuttle-Tanker	14	5-7 Jahre	287,4 Millionen US-Dollar
Schwimmende Lager- und Entladeeinheiten (FSO).	3	10-15 Jahre	124,6 Millionen US-Dollar

Zeitcharter-Mietpreise

Die Zeitcharter-Mietpreise für die Schiffe von KNOT Offshore Partners LP sind wie folgt strukturiert:

• Shuttle-Tanker: 25.000 bis 35.000 US-Dollar pro Tag
• FSO-Einheiten: 40.000 bis 55.000 US-Dollar pro Tag
• Durchschnittlicher Tagessatz für die gesamte Flotte: 31.500 $

Gebühren für den Schiffstransportservice

Aufschlüsselung der Schiffstransportdienstgebühren für 2024:

Servicekategorie	Gesamtjahresumsatz	Prozentsatz des Gesamtumsatzes
Rohöltransport	412,7 Millionen US-Dollar	68%
Speicherdienste	136,5 Millionen US-Dollar	22%
Zusätzliche maritime Dienste	57,2 Millionen US-Dollar	10%

Einnahmen aus Floating-Storage- und Offloading-Verträgen (FSO).

Einzelheiten zu den Vertragseinnahmen des BFS für 2024:

• Gesamtertrag aus FSO-Verträgen: 124,6 Millionen US-Dollar
• Durchschnittliche Vertragsdauer: 12,5 Jahre
• Schlüsselregionen: Brasilien, Nordsee
• Auslastungsgrad: 98,5 %

Gesamtjahresumsatz für KNOT Offshore Partners LP (2024): 611,4 Millionen US-Dollar

KNOT Offshore Partners LP (KNOP) - Canvas Business Model: Value Propositions

You're looking at the core reasons why KNOT Offshore Partners LP secures and maintains its contracts in the specialized crude oil transport sector. The value here is built on asset quality, operational consistency, and contract security.

Highly reliable, specialized crude oil transportation from offshore fields to terminals is the foundation. This reliability is directly supported by the current state of their fleet and market positioning, particularly in key areas like Brazil and the North Sea, where new production start-ups are driving demand.

Stable, predictable cash flow due to long-term, fixed-rate time charters is a major draw for investors. The visibility on future earnings is quite strong based on the secured contracts as of the end of Q3 2025.

High operational efficiency, demonstrated by 96.5% overall fleet utilization in Q3 2025 shows the assets are working hard. Even with the scheduled drydocking of the Tove Knutsen during that quarter, the performance was near-perfect.

Modern, high-specification DP2 shuttle tankers for complex offshore loading means KNOT Offshore Partners LP owns the right tools for the job. The recent acquisition of a new vessel underscores the commitment to fleet modernization.

Here's a quick look at the numbers underpinning these propositions from the Q3 2025 reporting period:

Metric Category	Specific Data Point	Value / Amount
Operational Efficiency (Q3 2025)	Overall Fleet Utilization (including drydocking)	96.5%
Operational Efficiency (Q3 2025)	Utilization for Scheduled Operations	99.9%
Contract Stability (As of Sept 30, 2025)	Contractual Backlog Value	$963 million
Contract Stability (As of Sept 30, 2025)	Average Fixed Contract Duration	2.6 years
Contract Coverage (2026)	Vessel Time Covered by Fixed Contracts	93%
Fleet Modernization	Fleet Size (As of Sept 30, 2025)	19 vessels
Fleet Modernization	Average Fleet Age (As of Sept 30, 2025)	10.0 years
Financial Performance (Q3 2025)	Total Revenues	$96.9 million
Financial Performance (Q3 2025)	Adjusted EBITDA	$61.6 million

The stability is further evidenced by specific contract terms and forward coverage:

• Charter extension for the Bodil Knutsen secured through March 2029 plus two one-year options.
• New time charter signed for the Fortaleza Knutsen to start in Q2 2026, fixed for one year plus two one-year options.
• The Daqing Knutsen, a 2022-built DP2 shuttle tanker acquired in July 2025 for a net cash cost of $24.8 million, is chartered to PetroChina through July 2027.
• KNOT Offshore Partners LP is continuing to repay debt at $95 million or more per year.

The partnership's liquidity position also supports its operational continuity and ability to secure assets:

• Available liquidity on September 30, 2025, was $125.2 million.
• This liquidity comprised $77.2 million in cash and cash equivalents plus $48 million of undrawn credit facility capacity.
• The Q3 2025 cash distribution declared was $0.026 per common unit.

Also, the market is clearly valuing this operational strength, as the Q3 2025 Earnings Per Share (EPS) of $0.4459 was a 93.2% surprise over the forecast of $0.2308.

Finance: draft 13-week cash view by Friday.

KNOT Offshore Partners LP (KNOP) - Canvas Business Model: Customer Relationships

KNOT Offshore Partners LP (KNOP) focuses on securing long-term, contractual relationships, which is the bedrock of its Customer Relationships block. You're dealing with a B2B service model where the customer is typically a major oil company or National Oil Company (NOC), not the end consumer.

The core of the relationship is the period charter, where the shuttle tanker acts as a 'floating pipeline,' moving oil from offshore installations to onshore facilities under a non-volume based contract. These vessels are often built to the specific requirements of the charterer and are intended for use on particular oilfields over extended periods. This structure inherently fosters deep, long-term engagement.

The operational excellence achieved by KNOT Offshore Partners LP directly supports the continuation and extension of these relationships. For instance, as of September 30, 2025, the fleet operated with 99.9% utilization for scheduled operations, translating to 96.5% overall utilization when accounting for the scheduled drydocking of the Tove Knutsen during Q3 2025. This high performance validates the service model for clients like Shell and Equinor.

Dedicated chartering teams actively manage contract lifecycles, securing extensions that build revenue visibility. This is evident in recent successes:

• Secured an extension with Shell for the Hilda Knutsen in August 2025, offering up to 1 year of further service (3 months firm plus options).
• In September 2025, KNOT Offshore Partners LP secured an extension with Equinor for the Bodil Knutsen, locking in the contract through to March 2029 fixed, plus two options of 1 year each.
• A new time charter for the Fortaleza Knutsen was executed to begin in Q2 2026 for 1 year fixed, followed by two charterer's options of 1 year each.
• The Daqing Knutsen, acquired in Q3 2025, has a time charter with PetroChina in Brazil running through until July 2027, with a guaranteed day rate basis extending to 2032.
• A newbuild vessel under contract with Equinor for Brazil carries a seven-year time charter, with an option for the charterer to extend by up to thirteen further years.

The strength of these long-term commitments is quantified in the backlog figures as of September 30, 2025. The fixed contract backlog reached $963 million, averaging 2.6 years in duration. This translates to significant forward coverage:

• 93% of vessel time in 2026 is covered by fixed contracts.
• 69% of vessel time in 2027 is covered by fixed contracts.

If all relevant options are exercised, coverage rises to 98% for 2026 and 88% for 2027. This high degree of contracted revenue demonstrates the success of the high-touch, B2B service model focused on securing the long-term employment of the fleet of 19 vessels.

Here is a snapshot of key customer contracts and coverage metrics as of late 2025:

Metric / Vessel	Customer Example	Fixed Term End Date (Firm/Base)	Options Available	Fleet Status / Notes
Contract Backlog Value	Aggregate	Average 2.6 years (as of 9/30/2025)	N/A	Total fixed contracts value: $963 million
Bodil Knutsen Extension	Equinor	March 2029	2 x 1 year	Secured September 2025
Hilda Knutsen Extension	Shell	June 2026 (3 months firm)	9 months at option	Extension secured August 2025
Daqing Knutsen Charter	PetroChina	July 2027	Guaranteed rate basis to 2032	Acquired in Q3 2025
Fortaleza Knutsen New Charter	KNOT (Sponsor)	Q2 2027 (1 year fixed)	2 x 1 year	Commences Q2 2026
Forward Coverage 2026	Aggregate	93% of vessel time	Rises to 98% with options	High near-term revenue visibility

The relationships are clearly anchored in multi-year commitments with major players in the key operating regions of Brazil and the North Sea, where shuttle tanker demand growth is being driven by new FPSO start-ups.

KNOT Offshore Partners LP (KNOP) - Canvas Business Model: Channels

You're looking at how KNOT Offshore Partners LP moves its services-shuttle tanker capacity-to the market, which is really about securing long-term, high-rate contracts. This isn't a spot market business; it's about locking in revenue visibility.

Direct negotiation and contracting with international oil and gas companies

The primary channel for KNOT Offshore Partners LP is direct, long-term contracting. The vessels, often built to specific requirements, are positioned to shuttle oil from offshore installations to onshore facilities, acting like a 'floating pipeline.'

The initial charters are typically secured with National Oil Companies and Oil Majors. This direct approach is key to the stability you see in their financials. For instance, the Daqing Knutsen, acquired in July 2025, is on a time charter with PetroChina in Brazil running through July 2027, with KNOT Offshore Partners LP guaranteeing the hire rate until 2032 based on potential option exercises.

The strength of this channel is reflected in the backlog figures as of September 30, 2025:

• $939.5 million of fixed contracts were on the books.
• The average duration for these fixed contracts was 2.6 years.
• Charterers' options added an average of a further 4.2 years to the coverage.
• The fleet, consisting of 19 vessels as of September 30, 2025, achieved a fleet utilization rate of 99.87% for scheduled operations in Q3 2025.

Brokerage and chartering markets for re-contracting vessels

While direct negotiation secures the core business, the chartering team actively works the market to maximize vessel value, especially when existing charters are ending or options are being considered. This involves maneuvering vessels between key operational areas like Brazil and the North Sea.

The chartering team's efforts directly impact the near-term coverage. You can see this activity in the recent charter adjustments:

• Agreement was reached with Equinor in September 2025 to extend the Bodil Knutsen time charter to a fixed term ending in March 2029.
• The Hilda Knutsen charter was extended by 3 months firm (to June 2026) plus a 9-month option (to March 2027).
• The Vigdis Knutsen began operating under a bareboat charter in November 2025 that expires in.

The market outlook, driven by FPSO start-ups in Brazil and production ramp-ups in the North Sea (like Johan Castberg through 2025), suggests this channel will remain strong, with management noting that charterers' options are likely to be taken up given the market tightness.

Investor relations for public unitholders (NYSE: KNOP)

For the public unitholders trading on the New York Stock Exchange under the symbol KNOP, the channel is focused on communication, capital return, and demonstrating intrinsic value, especially given the unsolicited buyout proposal received in late 2025.

KNOT Offshore Partners LP uses its earnings releases and investor communications to highlight financial discipline and value return. Here's a snapshot of the capital deployment channels as of late 2025:

Metric	Value/Amount	Date/Period Reference
Q3 2025 Revenue	$96.9 million	Q3 2025
Q3 2025 Adjusted EBITDA	$61.6 million	Q3 2025
Quarterly Cash Distribution	$0.026 per common unit	Q3 2025
Unit Buyback Program Total Cost	Just over $3 million	Concluded October 2025
Units Repurchased in Buyback	Just under 385,000 common units	Q3 2025
Sponsor Buyout Offer Price	$10.00 in cash per common unit	October 31, 2025 proposal

The company actively signals its view on valuation to the market. For example, the buyback program was established on July 2, 2025, with units purchased at an average of $7.87 per common unit, which is below the $10.00 offer price, suggesting management believes the units trade at a discount.

Liquidity management is also a key communication point for investors:

• Available Liquidity (as of September 30, 2025) was $125.2 million.
• This comprised $77.2 million in cash and cash equivalents.
• Undrawn capacity on credit facilities was $48 million.

This financial transparency helps inform unitholders navigating the potential transaction where the sponsor, KNOT Offshore Tankers AS, proposed acquiring all public common units.

KNOT Offshore Partners LP (KNOP) - Canvas Business Model: Customer Segments

Global major and national oil and gas companies (IOCs and NOCs) form a core segment, securing shuttle tanker services under long-term charters.

Offshore oil field operators in niche regions like Brazil and the North Sea represent another primary customer base, with demand driven by new project startups and market tightening.

• The shuttle tanker market is reported as tightening in both Brazil and the North Sea as of late 2025.
• Charter extensions were noted with major clients like Shell and Equinor.
• One vessel is on time charter to PetroChina in Brazil through July 2027.

Income-focused public unitholders seeking distributions are a distinct segment, supported by the partnership's financial performance.

Here's a quick look at the operational scale supporting these customer relationships as of September 30, 2025:

Metric	Value	Period/Date
Fleet Size	19 vessels	September 30, 2025
Average Fleet Age	10.0 years	September 30, 2025
Fixed Contract Backlog	$963 million	As of September 30, 2025
Average Fixed Contract Duration	2.6 years	As of September 30, 2025
Fleet Utilization (Overall)	96.5%	Q3 2025

The financial results for the third quarter of 2025 directly impact the unitholder segment:

• Q3 2025 Revenues: $96.9 million
• Q3 2025 Net Income: $15.1 million
• Available Liquidity: $125.2 million
• Q3 2025 Cash Distribution: USD 0.026 per common unit

Furthermore, the segment of public unitholders is directly addressed by the unsolicited, nonbinding offer received to acquire all publicly owned common units for $10 per common unit.

KNOT Offshore Partners LP (KNOP) - Canvas Business Model: Cost Structure

The Cost Structure for KNOT Offshore Partners LP is heavily weighted toward financing obligations and the direct costs of keeping its shuttle tanker fleet operational and certified. These costs are largely fixed or contractually driven, providing a degree of visibility but also representing significant cash outflows.

Debt Servicing and Interest Expense represent a major component of the overall cost base. KNOT Offshore Partners LP is actively managing its debt load, stating a commitment to repaying debt at $95 million or more per year as of late 2025. This ongoing repayment is considered prudent given the depreciating nature of the asset base. Furthermore, the cost of carrying this debt is significant; for instance, the finance expense in the first quarter of 2025 was $15.3 million. This figure reflected an increase from the prior year, partly due to an unrealized loss on derivative instruments in Q1 2025 compared to a gain in Q1 2024. The Partnership completed four debt refinancings in the second half of 2025 to manage its maturity profile.

Vessel Operating Expenses (VOE) are directly tied to the operation and upkeep of the fleet, which stood at 19 vessels as of September 30, 2025. These costs fluctuate based on activity, such as vessels entering dry dock. For example, Vessel Operating Expenses were $30.6 million in the first quarter of 2025, rising to $33.0 million in the second quarter of 2025. The increase in Q2 2025 VOE was attributed primarily to bunker fuel expenses and higher maintenance and upgrading costs related to vessels in dry dock.

Scheduled maintenance is a critical, recurring cost. KNOT Offshore Partners LP incurs costs for scheduled drydocking and maintenance, which are necessary to maintain class and operational readiness. The Tove Knutsen underwent a scheduled drydocking in July 2025. Separately, the Synnøve Knutsen commenced a scheduled drydocking in late October 2025, expected to complete in early December 2025. These maintenance periods are factored into utilization rates; for example, the Q1 2025 utilization rate of 99.5% was reduced to 96.9% when accounting for scheduled drydockings.

General and Administrative (G&A) Expenses are relatively stable compared to the other major costs. G&A expenses were reported at $1.8 million for the first quarter of 2025, decreasing slightly to $1.6 million in the second quarter of 2025. In thousands of USD, the Q1 2025 figure was $1,796 thousand, and the Q2 2025 figure was $1,540 thousand.

You can see a breakdown of these key operating and financing costs below, using the most recent reported quarterly figures available:

Cost Category	Q1 2025 Amount (USD Millions)	Q2 2025 Amount (USD Millions)	Notes
Vessel Operating Expenses	$30.6	$33.0	Q2 increase due to bunker fuel and higher maintenance/drydocking costs.
General and Administrative Expenses	$1.8	$1.6	Relatively stable quarterly spend.
Finance Expense (Interest)	$15.3	Not explicitly stated, but debt servicing is high.
Scheduled Debt Repayment (Annualized Target)	N/A	$95 million or more per year.

The Partnership's overall cost base is managed through operational efficiency, as shown by the high utilization rates, and proactive balance sheet management, including several refinancings completed in the second half of 2025.

• Debt repayment target: $95 million or more annually.
• Q1 2025 Vessel Operating Expenses: $30.6 million.
• Q2 2025 Vessel Operating Expenses: $33.0 million.
• Q1 2025 General and Administrative Expenses: $1.8 million.
• Q1 2025 Finance Expense: $15.3 million.
• Fleet size as of September 30, 2025: 19 vessels.

Finance: draft 13-week cash view by Friday.

KNOT Offshore Partners LP (KNOP) - Canvas Business Model: Revenue Streams

You're looking at how KNOT Offshore Partners LP generates its cash flow as of late 2025. The core of the business model is locking in steady income from its shuttle tanker fleet through long-term contracts.

The primary revenue driver is the collection of charter hire payments. For the three months ended September 30, 2025 (Q3 2025), KNOT Offshore Partners LP generated total revenues of $96.9 million. This revenue base is built upon securing long-duration contracts for its specialized vessels.

The specific line item for charter income in that period shows the direct contribution from the fleet:

Revenue Component	Q3 2025 Amount (USD thousands)
Time charter and bareboat revenues	96,329
Voyage revenues	0
Loss of hire insurance recoveries	0

This structure is designed for predictability, which is key for servicing debt and making distributions. The operational performance supports this, as KNOT Offshore Partners LP reported an Adjusted EBITDA of $61.6 million for Q3 2025. That number is a good proxy for the operational cash flow before accounting for things like depreciation and interest.

A recent structural shift in the revenue mix involves the transition of specific assets. For example, the Vigdis Knutsen began operating under a bareboat charter on November 4, 2025, following an option exercise by Shell to switch from its previous time charter arrangement. This new bareboat charter for the Vigdis Knutsen is set to expire in 2030. This type of charter structure changes how the revenue is recognized and often shifts certain operational costs to the charterer.

The revenue stream is further supported by fleet activity and contract extensions:

• Fleet operated with 99.87% utilization for scheduled operations in Q3 2025.
• Utilization was 96.49% overall, accounting for the scheduled drydocking of the Tove Knutsen during Q3 2025.
• The backlog of fixed contracts as of September 30, 2025, stood at $963 million, averaging 2.6 years.
• The Partnership repurchased 384,739 common units for a total cost of $3.03 million under its buyback program, which concluded in October.

Also, KNOT Offshore Partners LP is actively managing its debt structure to support these revenue-generating assets. For instance, the loan secured by the Synnøve Knutsen was refinanced on October 20, 2025, into a new $71.1 million senior secured term loan facility.

Finance: draft 13-week cash view by Friday.