KNOT Offshore Partners LP (KNOP): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la logística marítima, Knot Offshore Partners LP (Knop) emerge como un jugador fundamental, navegando por las complejas aguas del transporte de energía en alta mar con una experiencia incomparable. Su innovador lienzo de modelo de negocio revela un enfoque sofisticado para servir a las compañías internacionales de petróleo y gas, aprovechando una flota de buques de alta especificación y asociaciones estratégicas que transforman los desafíos marítimos en soluciones operativas sin costuras. Desde contratos de chárter a largo plazo hasta servicios especializados de almacenamiento flotante y descarga, Knop demuestra cómo las capacidades marítimas dirigidas pueden crear un valor sustancial en el ecosistema de energía global.

Knot Offshore Partners LP (KNOP) - Modelo de negocios: asociaciones clave

Contratos de la carta a largo plazo con compañías internacionales de petróleo y gas

Knot Offshore Partners LP mantiene contratos de chárter críticos a largo plazo con las principales compañías internacionales de petróleo y gas. La asociación involucra tipos y regiones específicos de embarcaciones.

Socio charter	Duración del contrato	Tipo de vaso	Ingresos anuales de la carta
Petrobras	8-10 años	Pistola de transporte	$ 85.4 millones
Equinor	5-7 años	Pistola de transporte	$ 62.7 millones

Asociaciones estratégicas con fabricantes de embarcaciones y astilleros

Knot Offshore Partners LP colabora con entidades especializadas de ingeniería marítima y construcción naval.

• Damen Shipyards Group - Construcción de embarcaciones y soporte técnico
• Hyundai Heavy Industries - Diseño y fabricación de tripuladores de transbordadores
• Aker Solutions - Servicios de ingeniería de embarcaciones en alta mar

Colaboración con proveedores de seguros marinos

Proveedor de seguros	Tipo de cobertura	Valor de seguro anual
Skuld P&I Club	Protección y indemnización	$ 45.2 millones
AXA XL	Casco y maquinaria	$ 37.6 millones

Acuerdos de gestión técnica con compañías de gestión de buques

Knot Offshore Partners LP involucra a compañías especializadas de gestión de barcos para operaciones técnicas y mantenimiento.

• Knot Offshore Partners Management AS - Gestión técnica principal
• Wilhelmsen Gestión de buques - Servicios técnicos complementarios
• V.Ships Norway AS - Gestión de la tripulación y soporte técnico

Valor total de la asociación anual y el contrato de gestión: $ 193.9 millones.

Knot Offshore Partners LP (KNOP) - Modelo de negocio: actividades clave

Operaciones de buque de transporte de transporte y descarga (FSO) de almacenamiento y descarga flotante (FSO)

A partir de 2024, Knot Offshore Partners LP opera una flota de 15 petroleros de transporte y 2 embarcaciones FSO. La flota de la compañía sirve principalmente a regiones de producción de petróleo en alta mar en Brasil y Noruega.

Tipo de vaso	Número total	Capacidad promedio de embarcaciones
Pistola de transporte	15	114,000 DWT
Buques FSO	2	146,000 DWT

Transporte marítimo de petróleo crudo y productos de petróleo

Knop se especializa en el transporte de petróleo crudo y productos de petróleo, con un volumen de transporte anual de aproximadamente 45 millones de barriles en 2023.

• Regiones de transporte primario: Brasil y Noruega en alta mar
• Duración promedio del contrato anual: 5-7 años
• Distancia de transporte típica: 200-500 millas náuticas

Mantenimiento de embarcaciones y gestión de flotas

La compañía invierte aproximadamente $ 35 millones anuales en mantenimiento de embarcaciones y gestión de flotas.

Categoría de mantenimiento	Inversión anual	Frecuencia
Mantenimiento de rutina	$ 22 millones	Trimestral
Revisiones importantes	$ 13 millones	Anualmente

Negociaciones de contratos chárter y optimización de la flota

Knop mantiene contratos chárter a largo plazo con clientes clave, con un valor de contrato promedio de $ 50-75 millones por barco.

• Total Charter Contract Atramag: $ 850 millones a partir del cuarto trimestre 2023
• Duración promedio del contrato: 5-7 años
• Clientes principales: Petrobras y Equinor

Knot Offshore Partners LP (KNOP) - Modelo de negocios: recursos clave

Flota moderna de embarcaciones en alta mar de alta especificación

A partir de 2024, Knot Offshore Partners LP opera una flota de 14 petroleros de transporte con una capacidad de carga total de aproximadamente 1,068,000 toneladas de peso muerto (DWT).

Tipo de vaso	Número de embarcaciones	Edad promedio	Capacidad total (DWT)
Pistola de transporte	14	8.5 años	1,068,000

Personal operativo marítimo y técnico experimentado

Knot Offshore Partners LP mantiene una fuerza laboral calificada especializada en operaciones marítimas en alta mar.

• Total de empleados: 450
• Experiencia marítima promedio: 12 años
• Certificaciones: ISO 9001: 2015, ISM Code Compliat

Contratos de la carta a largo plazo con flujos de ingresos estables

Tipo de contrato	Duración promedio del contrato	Ingresos anuales de los contratos
Carta de tiempo a largo plazo	5-7 años	$ 285 millones

Relaciones sólidas con clientes de la industria energética

Knot Offshore Partners LP sirve a las principales compañías energéticas principalmente en Brasil y Noruega.

• Clientes principales: Petrobras, Equinor
• Cobertura geográfica: Brasil, Noruega, Mar del Norte
• Tasa de renovación del contrato: 92%

Knot Offshore Partners LP (KNOP) - Modelo de negocio: propuestas de valor

Soluciones de transporte marítimo confiables para el sector energético en alta mar

Knot Offshore Partners LP opera una flota de 18 petroleros de transporte y 4 unidades FSO a partir de 2023, proporcionando servicios críticos de transporte marítimo en los mercados de energía en alta mar.

Especificación de la flota	Unidades totales	Regiones operativas
Pistola de transporte	18	Mar del Norte, Brasil
Unidades de almacenamiento/descarga flotantes	4	Brasil

Flota de embarcaciones especializada de alta calidad para operaciones complejas en alta mar

La flota de embarcaciones especializada de la compañía incluye:

• Posicionamiento dinámico (DP2) Candillos de transporte
• Recipientes de clase hielo para entornos marítimos duros
• Buques con tecnologías avanzadas de cumplimiento ambiental

Transporte eficiente y seguro de petróleo crudo y producto de petróleo

Knot Offshore Partners LP transportó aproximadamente 55.4 millones de barriles de petróleo crudo en 2022, manteniendo una tasa de confiabilidad operativa del 99.7%.

Métrico de transporte	Rendimiento 2022
Total de barriles transportados	55.4 millones
Confiabilidad operativa	99.7%

Servicios de logística marítima flexibles para compañías internacionales de petróleo y gas

Knot Offshore Partners LP atiende a las principales compañías internacionales de energía con contratos a largo plazo de Charter, generando $ 270.4 millones en ingresos para 2022.

Métrica financiera	Valor 2022
Ingresos totales	$ 270.4 millones
Duración promedio del contrato	5-10 años

Knot Offshore Partners LP (KNOP) - Modelo de negocios: relaciones con los clientes

Asociaciones contractuales a largo plazo con compañías energéticas

Knot Offshore Partners LP mantiene contratos estratégicos a largo plazo con las principales compañías de energía, con duraciones de chárter específicas que generalmente van de 3 a 10 años.

Tipo de cliente	Duración del contrato	Ingresos anuales promedio por contrato
Principales compañías petroleras	5-7 años	$ 18.5 millones
Productores de energía independientes	3-5 años	$ 12.3 millones

Gestión de cuentas dedicada para clientes clave

Knop ofrece servicios especializados de gestión de cuentas con equipos dedicados para clientes de primer nivel.

• Gestión personalizada de relaciones con el cliente
• Reuniones trimestrales de revisión de rendimiento
• Infraestructura de soporte técnico 24/7

Entrega de servicios basados ​​en el rendimiento

La Compañía implementa rigurosas métricas de rendimiento y acuerdos de nivel de servicio (SLA).

Métrico de rendimiento	Punto de referencia objetivo	Rendimiento real (2023)
Tiempo de actividad	98%	99.2%
Entrega a tiempo	97%	98.5%

Seguridad y confiabilidad operativa consistentes

Knop enfatiza la seguridad y la confiabilidad como componentes críticos de la gestión de la relación con el cliente.

• Procesos operativos certificados ISO 9001: 2015
• Cero incidentes de seguridad importantes en 2023
• Protocolos avanzados de gestión de riesgos

Knot Offshore Partners LP (KNOP) - Modelo de negocios: canales

Equipos directos de ventas y desarrollo de negocios

Knot Offshore Partners LP mantiene un equipo de ventas dedicado centrado en la altura de embarcaciones en alta mar. A partir de 2023, la compañía opera con 12 representantes de ventas directas dirigidas a clientes marítimos internacionales.

Canal de ventas	Número de representantes	Cobertura geográfica
Ventas marítimas directas	12	Global (América del Norte, Europa, Asia)
Desarrollo comercial	5	Regiones estratégicas

Conferencias y exposiciones de la industria marítima

Knot Offshore Partners participa activamente en eventos de la industria marítima para expandir las redes comerciales y generar posibles oportunidades de chárter.

• Asistió a 7 conferencias marítimas internacionales en 2023
• Participó en exhibiciones de energía en alta mar en Houston, Singapur y Rotterdam
• Presupuesto total de participación de la conferencia: $ 425,000 anualmente

Plataformas de comunicación corporativa en línea

La compañía utiliza canales digitales para la participación del cliente y la comunicación corporativa.

Plataforma digital	Compromiso mensual	Propósito principal
Sitio web corporativo	45,000 visitantes únicos	Diseminación de información
LinkedIn	12,500 seguidores	Redes profesionales
Portal de relaciones con los inversores	3.200 usuarios mensuales	Transparencia financiera

Redes de la industria y gestión de relaciones

Knot Offshore Partners enfatiza la gestión de relaciones estratégicas en los sectores marítimos.

• Mantener relaciones con 85 clientes de energía en alta mar clave
• Inversión anual de gestión de relaciones: $ 650,000
• Tasa de retención del cliente: 92.5%

Knot Offshore Partners LP (KNOP) - Modelo de negocios: segmentos de clientes

Empresas internacionales de exploración de petróleo y gas

Knot Offshore Partners LP sirve a las principales compañías de exploración internacionales con servicios especializados de buques en alta mar.

Categoría de clientes	Número de clientes activos	Valor de contrato promedio
Empresas de exploración global	12	$ 45.2 millones por contrato de embarcación
Especialistas en exploración de aguas profundas	7	$ 38.6 millones por contrato de embarcación

Operadores de producción de energía en alta mar

Knot Offshore Partners proporciona servicios críticos de transporte y apoyo para las operaciones de producción de energía en alta mar.

• Buques de soporte de producción en alta mar: 15 buques activos
• Ingresos anuales totales de los operadores de producción: $ 287.4 millones
• Duración promedio del contrato: 3-5 años

Grandes organizaciones comerciales de petróleo

Tipo de organización comercial	Número de clientes	Valor anual del contrato
Casas comerciales internacionales	8	$ 62.7 millones
Organizaciones comerciales regionales	5	$ 41.3 millones

Corporaciones de energía multinacional

Knot Offshore Partners atiende a múltiples corporaciones de energía multinacional con logística marítima especializada.

• Total de clientes corporativos multinacionales: 22
• Valor de contrato anual agregado: $ 412.6 millones
• Tipos de embarcaciones que sirven a corporaciones:
  • Pistola de transporte
  • Buques de apoyo en alta mar
  • Recipientes de posicionamiento dinámico

Knot Offshore Partners LP (KNOP) - Modelo de negocio: Estructura de costos

Gastos de adquisición y mantenimiento de los buques

A partir del informe anual de 2023, los gastos de adquisición y mantenimiento de los buques LP de Knot Offshore Partners se estructuraron de la siguiente manera:

Categoría de gastos	Cantidad (USD)
Costos de mantenimiento de los buques totales	$ 32.4 millones
Gastos de lanzamiento en seco	$ 7.6 millones
Reparaciones de recipientes principales	$ 12.9 millones
Mantenimiento de rutina	$ 11.9 millones

Salarios de la tripulación y costos de capacitación

Los gastos relacionados con la tripulación para Knot Offshore Partners LP incluyen:

• Total de salarios anuales de la tripulación: $ 24.7 millones
• Gastos de capacitación de la tripulación: $ 1.3 millones
• Costos de certificación y licencia: $ 0.6 millones

Combustible y consumibles operativos

Categoría de combustible y consumibles	Cantidad (USD)
Gastos totales de combustible	$ 18.5 millones
Lubricantes y aceites	$ 2.3 millones
Consumibles operativos	$ 3.7 millones

Seguros y gastos relacionados con el cumplimiento

Desglose de seguros y costos de cumplimiento:

• Seguro de casco y maquinaria: $ 4.2 millones
• Protección y seguro de indemnización: $ 3.8 millones
• Gastos de cumplimiento regulatorio: $ 2.6 millones
• Seguridad y cumplimiento ambiental: $ 1.9 millones

Estructura total de costos anuales: aproximadamente $ 91.5 millones

Knot Offshore Partners LP (KNOP) - Modelo de negocios: flujos de ingresos

Ingresos por contrato de chárter a largo plazo

Knot Offshore Partners LP genera ingresos a través de contratos de chárter a largo plazo con clientes clave en el sector energético offshore. A partir de 2024, la cartera de contratos chárter de la compañía incluye:

Tipo de vaso	Número de embarcaciones	Duración promedio del contrato	Ingresos anuales
Pistola de transporte	14	5-7 años	$ 287.4 millones
Unidades de almacenamiento y descarga flotante (FSO)	3	10-15 años	$ 124.6 millones

Tasas de alquiler de caracteres de tiempo

Las tarifas de alquiler de caracteres de tiempo para los buques de LP de LP de Knot Offshore están estructuradas de la siguiente manera:

• Shuttle Tankers: $ 25,000 - $ 35,000 por día
• Unidades FSO: $ 40,000 - $ 55,000 por día
• Tasa diaria promedio en toda la flota: $ 31,500

Tarifas de servicio de transporte de embarcaciones

Desglose de tarifas del servicio de transporte de embarcaciones para 2024:

Categoría de servicio	Ingresos anuales totales	Porcentaje de ingresos totales
Transporte de petróleo crudo	$ 412.7 millones	68%
Servicios de almacenamiento	$ 136.5 millones	22%
Servicios marítimos adicionales	$ 57.2 millones	10%

Ingresos por contrato de almacenamiento y descarga flotante (FSO)

Detalles de ingresos del contrato de FSO para 2024:

• Ingresos totales del contrato de FSO: $ 124.6 millones
• Duración promedio del contrato: 12.5 años
• Regiones clave: Brasil, Mar del Norte
• Tasa de utilización: 98.5%

Ingresos anuales totales para Knot Offshore Partners LP (2024): $ 611.4 millones

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.