Knot Offshore Partners LP (KNOP): Business Model Canvas [Jan-2025 Mise à jour]

Dans le monde dynamique de la logistique maritime, Knot Offshore Partners LP (KNOP) émerge comme un joueur pivot, naviguant dans les eaux complexes du transport d'énergie offshore avec une expertise inégalée. Leur toile de modèle commercial innovant révèle une approche sophistiquée pour servir les sociétés internationales pétrolières et gazières, tirant parti d'une flotte de navires à haute spécification et de partenariats stratégiques qui transforment les défis maritimes en solutions opérationnelles sans couture. Des contrats de charte à long terme aux services spécialisés de stockage et de déchargement spécialisés, KNOP montre comment les capacités maritimes ciblées peuvent créer une valeur substantielle dans l'écosystème énergétique mondial.

Knot Offshore Partners LP (KNOP) - Modèle commercial: partenariats clés

Les contrats de charte à long terme avec les sociétés internationales de pétrole et de gaz

Knot Offshore Partners LP maintient des contrats de charte à long terme critiques avec les grandes sociétés internationales pétrolières et gazières. Le partenariat implique des types et des régions de navires spécifiques.

Partenaire fondateur	Durée du contrat	Type de navire	Revenus charter annuels
Pastrobras	8-10 ans	Ciblées de navette	85,4 millions de dollars
Équineur	5-7 ans	Ciblées de navette	62,7 millions de dollars

Partenariats stratégiques avec les fabricants de navires et les chantiers navals

Knot Offshore Partners LP collabore avec des entités spécialisées d'ingénierie maritime et de construction navale.

• Damen Shipyards Group - Construction des navires et support technique
• Hyundai Heavy Industries - Conception et fabrication de la navette
• Aker Solutions - Services d'ingénierie des navires offshore

Collaboration avec les assureurs marins

Assureur	Type de couverture	Valeur d'assurance annuelle
Skuld P&I Club	Protection et indemnité	45,2 millions de dollars
Axa xl	Coque et machinerie	37,6 millions de dollars

Accords de gestion technique avec des sociétés de gestion des navires

Knot Offshore Partners LP engage des sociétés de gestion de navires spécialisées pour les opérations techniques et la maintenance.

• Knot Offshore Partners Management comme - Gestion technique primaire
• Wilhelmsen Ship Management - Services techniques supplémentaires
• V. Navires Norvège comme - Gestion de l'équipage et support technique

Valeur annuelle totale du contrat de partenariat et de gestion: 193,9 millions de dollars.

Knot Offshore Partners LP (KNOP) - Modèle d'entreprise: Activités clés

Office de navette offshore et de navires flottants de stockage et de déchargement (FSO)

En 2024, Knot Offshore Partners LP exploite une flotte de 15 pétroliers et 2 navires FSO. La flotte de l'entreprise dessert principalement des régions de production de pétrole offshore au Brésil et en Norvège.

Type de navire	Nombre total	Capacité moyenne des navires
Ciblées de navette	15	114 000 dwt
Navires FSO	2	146 000 dwt

Transport maritime de pétrole brut et de produits pétroliers

KNOP est spécialisé dans le transport du pétrole brut et des produits pétroliers, avec un volume de transport annuel d'environ 45 millions de barils en 2023.

• Régions de transport primaire: champs offshore du Brésil et de la Norvège
• Durée du contrat annuel moyen: 5-7 ans
• Distance de transport typique: 200-500 miles marins

Maintenance des navires et gestion de la flotte

La société investit environ 35 millions de dollars par an en maintenance des navires et en gestion de la flotte.

Catégorie de maintenance	Investissement annuel	Fréquence
Maintenance de routine	22 millions de dollars	Trimestriel
Réconvénieurs majeurs	13 millions de dollars	Annuellement

Négociations de contrats à charte et optimisation de la flotte

Knop entretient des contrats à long terme avec des clients clés, avec une valeur de contrat moyenne de 50 à 75 millions de dollars par navire.

• Total du contrat de charte total: 850 millions de dollars au T2 2023
• Durée du contrat moyen: 5-7 ans
• Clients principaux: Petrobras et Equinor

Knot Offshore Partners LP (KNOP) - Modèle d'entreprise: Ressources clés

Flotte moderne de navires offshore à haute spécification

En 2024, Knot Offshore Partners LP exploite une flotte de 14 pétroliers de navette avec une capacité de charge totale d'environ 1 068 000 tonnes de poids morts (DWT).

Type de navire	Nombre de navires	Âge moyen	Capacité totale (DWT)
Ciblées de navette	14	8,5 ans	1,068,000

Personnel opérationnel maritime et technique expérimenté

Knot Offshore Partners LP maintient une main-d'œuvre qualifiée spécialisée dans les opérations maritimes offshore.

• Total des employés: 450
• Expérience maritime moyenne: 12 ans
• Certifications: ISO 9001: 2015, conforme au code ISM

Des contrats de charte à long terme avec des sources de revenus stables

Type de contrat	Durée du contrat moyen	Revenus annuels des contrats
Charte à long terme	5-7 ans	285 millions de dollars

Relations solides avec les clients de l'industrie de l'énergie

Knot Offshore Partners LP dessert les grandes sociétés énergétiques principalement au Brésil et en Norvège.

• Clients principaux: Petrobras, Equinor
• Couverture géographique: Brésil, Norvège, mer du Nord
• Taux de renouvellement des contrats: 92%

Knot Offshore Partners LP (KNOP) - Modèle d'entreprise: propositions de valeur

Solutions de transport maritime fiables pour le secteur de l'énergie offshore

Knot Offshore Partners LP exploite une flotte de 18 pétroliers de navette et 4 unités FSO en 2023, fournissant des services de transport maritime critiques sur les marchés de l'énergie offshore.

Spécification de la flotte	Total des unités	Régions opérationnelles
Ciblées de navette	18	Mer du Nord, Brésil
Unités de stockage / déchargement flottantes	4	Brésil

Flotte de navires spécialisée de haute qualité pour les opérations complexes offshore

La flotte spécialisée de la société comprend:

• Positionnement dynamique (DP2) Camionnier de navette
• Navires de classe Ice pour les environnements maritimes durs
• Navires avec des technologies de conformité environnementale avancées

Transport de pétrole brut et de pétrole efficace et sûr

Knot Offshore Partners LP a transporté environ 55,4 millions de barils de pétrole brut en 2022, maintenant un taux de fiabilité opérationnel de 99,7%.

Métrique de transport	2022 Performance
Total des barils transportés	55,4 millions
Fiabilité opérationnelle	99.7%

Services de logistique maritime flexible pour les sociétés pétrolières et gazières internationales

Knot Offshore Partners LP sert de grandes sociétés énergétiques internationales avec des contrats à long terme, générant 270,4 millions de dollars de revenus pour 2022.

Métrique financière	Valeur 2022
Revenus totaux	270,4 millions de dollars
Durée du contrat moyen	5-10 ans

Knot Offshore Partners LP (KNOP) - Modèle d'entreprise: Relations clients

Partenariats contractuels à long terme avec les sociétés énergétiques

Knot Offshore Partners LP maintient des contrats stratégiques à long terme avec les grandes sociétés énergétiques, avec des durées de charte spécifiques allant généralement de 3 à 10 ans.

Type de client	Durée du contrat	Revenu annuel moyen par contrat
Grandes compagnies pétrolières	5-7 ans	18,5 millions de dollars
Producteurs d'énergie indépendants	3-5 ans	12,3 millions de dollars

Gestion de compte dédiée pour les clients clés

KNOP fournit des services de gestion de compte spécialisés avec des équipes dédiées aux clients de haut niveau.

• Gestion personnalisée de la relation client
• Réunions de révision des performances trimestrielles
• Infrastructure de support technique 24/7

Prestation de services basés sur les performances

La société met en œuvre des mesures de performance rigoureuses et des accords de niveau de service (SLAS).

Métrique de performance	Benchmark cible	Performances réelles (2023)
Temps de disponibilité du navire	98%	99.2%
Livraison à temps	97%	98.5%

Sécurité et fiabilité opérationnelle cohérentes

Knop met l'accent sur la sécurité et la fiabilité en tant que composantes critiques de la gestion de la relation client.

• ISO 9001: Processus opérationnels certifiés 2015
• Zéro incidents de sécurité majeurs en 2023
• Protocoles avancés de gestion des risques

Knot Offshore Partners LP (KNOP) - Modèle d'entreprise: canaux

Équipes directes des ventes et du développement commercial

Knot Offshore Partners LP maintient une équipe de vente dédiée axée sur la charte des navires offshore. Depuis 2023, la société opère avec 12 représentants des ventes directes ciblant les clients maritimes internationaux.

Canal de vente	Nombre de représentants	Couverture géographique
Ventes maritimes directes	12	Global (Amérique du Nord, Europe, Asie)
Développement commercial	5	Régions stratégiques

Conférences et expositions de l'industrie maritime

Knot Offshore Partners participe activement aux événements de l'industrie maritime pour étendre les réseaux commerciaux et générer des opportunités de charte potentielles.

• A assisté à 7 conférences maritimes internationaux en 2023
• Participé à des expositions d'énergie offshore à Houston, Singapour et Rotterdam
• Budget de participation totale de la conférence: 425 000 $ par an

Plateformes de communication d'entreprise en ligne

L'entreprise utilise des canaux numériques pour l'engagement des clients et la communication d'entreprise.

Plate-forme numérique	Engagement mensuel	Objectif principal
Site Web de l'entreprise	45 000 visiteurs uniques	Dissémination de l'information
Liendin	12 500 abonnés	Réseautage professionnel
Portail des relations avec les investisseurs	3 200 utilisateurs mensuels	Transparence financière

Réseautage de l'industrie et gestion des relations

Knot Offshore Partners met l'accent sur la gestion des relations stratégiques dans les secteurs maritimes.

• Maintenir des relations avec 85 clients clés de l'énergie offshore
• Investissement annuel sur la gestion des relations: 650 000 $
• Taux de rétention des clients: 92,5%

Knot Offshore Partners LP (KNOP) - Modèle d'entreprise: segments de clientèle

Sociétés internationales d'exploration du pétrole et du gaz

Knot Offshore Partners LP sert de grandes sociétés d'exploration internationales avec des services spécialisés de navires offshore.

Catégorie client	Nombre de clients actifs	Valeur du contrat moyen
Entreprises d'exploration mondiales	12	45,2 millions de dollars par contrat de navire
Spécialistes de l'exploration en eau profonde	7	38,6 millions de dollars par contrat de navire

Opérateurs de production d'énergie offshore

Knot Offshore Partners fournit des services critiques de transport et de soutien aux opérations de production d'énergie offshore.

• Navires de support de production offshore: 15 navires actifs
• Revenus annuels totaux des opérateurs de production: 287,4 millions de dollars
• Durée du contrat moyen: 3-5 ans

Organisations de trading de pétrole majeures

Type d'organisation commerciale	Nombre de clients	Valeur du contrat annuel
Maisons commerciales internationales	8	62,7 millions de dollars
Organisations commerciales régionales	5	41,3 millions de dollars

Corporations d'énergie multinationale

Knot Offshore Partners dessert plusieurs sociétés d'énergie multinationale avec une logistique maritime spécialisée.

• Total des clients multinationaux: 22
• Valeur du contrat annuel agrégé: 412,6 millions de dollars
• Types de navires au service des sociétés:
  • Ciblées de navette
  • Navires de support offshore
  • Navires de positionnement dynamique

Knot Offshore Partners LP (KNOP) - Modèle d'entreprise: Structure des coûts

Frais d'acquisition et de maintenance des navires

Depuis le rapport annuel de 2023, Knot Offshore Partners Partners LP, les frais d'acquisition et de maintenance des navires ont été structurés comme suit:

Catégorie de dépenses	Montant (USD)
Total des coûts de maintenance des navires	32,4 millions de dollars
Dépenses de dockage à sec	7,6 millions de dollars
Réparations des navires majeurs	12,9 millions de dollars
Maintenance de routine	11,9 millions de dollars

Salaire de l'équipage et frais de formation

Les dépenses liées à l'équipage pour Knot Offshore Partners LP comprennent:

• Total des salaires annuels de l'équipage: 24,7 millions de dollars
• Frais de formation de l'équipage: 1,3 million de dollars
• Coûts de certification et de licence: 0,6 million de dollars

Carburant et consommables opérationnels

Catégorie de carburant et consommables	Montant (USD)
Total des dépenses de carburant	18,5 millions de dollars
Lubrifiants et huiles	2,3 millions de dollars
Consommables opérationnels	3,7 millions de dollars

Dépenses liées à l'assurance et à la conformité

Répartition des frais d'assurance et de conformité:

• Assurance de la coque et des machines: 4,2 millions de dollars
• Assurance de protection et d'indemnisation: 3,8 millions de dollars
• Dépenses de conformité réglementaire: 2,6 millions de dollars
• Sécurité et conformité environnementale: 1,9 million de dollars

Structure totale des coûts annuels: environ 91,5 millions de dollars

Knot Offshore Partners LP (KNOP) - Modèle d'entreprise: Strots de revenus

Revenus contractuels à long terme

Knot Offshore Partners LP génère des revenus grâce à des contrats de charte à long terme avec des clients clés dans le secteur de l'énergie offshore. En 2024, le portefeuille de contrats à charte de la société comprend:

Type de navire	Nombre de navires	Durée du contrat moyen	Revenus annuels
Ciblées de navette	14	5-7 ans	287,4 millions de dollars
Unités de stockage et de déchargement flottantes (FSO)	3	10-15 ans	124,6 millions de dollars

Taux de location de charte temporelle

Taux de location de charte de temps pour les navires de Knot Offshore Partners LP sont structurés comme suit:

• Navette des pétroliers: 25 000 $ - 35 000 $ par jour
• Unités FSO: 40 000 $ - 55 000 $ par jour
• Taux quotidien moyen sur la flotte: 31 500 $

Frais de service de transport des navires

Répartition des frais de service de transport des navires pour 2024:

Catégorie de service	Revenu annuel total	Pourcentage du total des revenus
Transport de pétrole brut	412,7 millions de dollars	68%
Services de stockage	136,5 millions de dollars	22%
Services maritimes supplémentaires	57,2 millions de dollars	10%

Revenus de contrat de stockage et de déchargement flottants (FSO)

Détails des revenus du contrat FSO pour 2024:

• Revenu total du contrat FSO: 124,6 millions de dollars
• Durée moyenne du contrat: 12,5 ans
• Régions clés: Brésil, mer du Nord
• Taux d'utilisation: 98,5%

Revenus annuels totaux pour Knot Offshore Partners LP (2024): 611,4 millions de dollars

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.