Knot Offshore Partners LP (KNOP): Modelo de negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico da logística marítima, o Knot Offshore Partners LP (Knop) surge como um jogador fundamental, navegando nas águas complexas do transporte de energia offshore com experiência incomparável. Seu inovador modelo de negócios Canvas revela uma abordagem sofisticada para atender às empresas internacionais de petróleo e gás, alavancando uma frota de embarcações de alta especificação e parcerias estratégicas que transformam desafios marítimos em soluções operacionais perfeitas. De contratos de fretamento de longo prazo a serviços especializados de armazenamento e descarregamento flutuantes, a Knop demonstra como os recursos marítimos direcionados podem criar um valor substancial no ecossistema de energia global.

Knot Offshore Partners LP (KNOP) - Modelo de negócios: Parcerias -chave

Contratos fretados de longo prazo com empresas internacionais de petróleo e gás

A Knot Offshore Partners LP mantém contratos críticos de frete críticos de longo prazo com grandes empresas internacionais de petróleo e gás. A parceria envolve tipos e regiões específicos de embarcações.

Parceiro da Carta	Duração do contrato	Tipo de embarcação	Receita anual de fretamento
Petrobras	8-10 anos	Tanques de ônibus espaciais	US $ 85,4 milhões
Equinor	5-7 anos	Tanques de ônibus espaciais	US $ 62,7 milhões

Parcerias estratégicas com fabricantes de navios e estaleiros

O Knot Offshore Partners LP colabora com entidades especializadas em engenharia marítima e construção de navios.

• Damen Shipyards Group - Construção de embarcações e suporte técnico
• Hyundai Heavy Industries - Design e fabricação de navios -tanques
• Aker Solutions - Serviços de engenharia de embarcações offshore

Colaboração com provedores de seguros marítimos

Provedor de seguros	Tipo de cobertura	Valor anual do seguro
Skuld P&I Club	Proteção e indenização	US $ 45,2 milhões
AXA XL	Casco e máquinas	US $ 37,6 milhões

Acordos de gerenciamento técnico com empresas de gerenciamento de navios

O Knot Offshore Partners LP envolve empresas especializadas de gerenciamento de navios para operações e manutenção técnicas.

• NOT Management Offshore Partners como - Gerenciamento Técnico Primário
• Wilhelmsen Ship Management - Serviços Técnicos Suplementares
• V.ships Noruega como - gerenciamento de tripulação e suporte técnico

Valor anual de parceria e contrato de gerenciamento total: US $ 193,9 milhões.

Knot Offshore Partners LP (KNOP) - Modelo de negócios: Atividades -chave

Operações de navios de tanque e armazenamento flutuante e de armazenamento flutuante (FSO)

A partir de 2024, o Knot Offshore Partners LP opera uma frota de 15 navios -tanque e 2 navios FSO. A frota da empresa serve principalmente regiões de produção de petróleo offshore no Brasil e na Noruega.

Tipo de embarcação	Número total	Capacidade média dos vasos
Tanques de ônibus espaciais	15	114.000 dwt
Vasos FSO	2	146.000 dwt

Transporte marítimo de petróleo bruto e produtos petrolíferos

A Knop é especializada no transporte de produtos petrolíferos e petrolíferos, com um volume anual de transporte de aproximadamente 45 milhões de barris em 2023.

• Regiões de transporte primário: campos brasileiros e da Noruega Offshore
• Duração média anual do contrato: 5-7 anos
• Distância típica do transporte: 200-500 milhas náuticas

Manutenção de embarcações e gerenciamento de frota

A empresa investe aproximadamente US $ 35 milhões anualmente em manutenção de embarcações e gerenciamento de frotas.

Categoria de manutenção	Investimento anual	Freqüência
Manutenção de rotina	US $ 22 milhões	Trimestral
Grandes revisões	US $ 13 milhões	Anualmente

Negociações de contrato de fretamento e otimização da frota

A Knop mantém contratos de fretamento de longo prazo com clientes-chave, com um valor médio de contrato de US $ 50-75 milhões por embarcação.

• Backlog total do contrato de fretamento: US $ 850 milhões a partir do quarto trimestre 2023
• Duração média do contrato: 5-7 anos
• Clientes primários: Petrobras e Equinor

Knot Offshore Partners LP (KNOP) - Modelo de negócios: Recursos -chave

Frota moderna de navios offshore de alta especificação

A partir de 2024, o Knot Offshore Partners LP opera uma frota de 14 navios -tanque com uma capacidade total de carga de aproximadamente 1.068.000 toneladas de peso morto (DWT).

Tipo de embarcação	Número de embarcações	Idade média	Capacidade total (DWT)
Tanques de ônibus espaciais	14	8,5 anos	1,068,000

Pessoal operacional marítimo e técnico experiente

O Knot Offshore Partners LP mantém uma força de trabalho qualificada especializada em operações marítimas offshore.

• Total de funcionários: 450
• Experiência marítima média: 12 anos
• Certificações: ISO 9001: 2015, compatível com código ISM

Contratos de fretamento de longo prazo com fluxos de receita estáveis

Tipo de contrato	Duração média do contrato	Receita anual de contratos
Carta de longo prazo	5-7 anos	US $ 285 milhões

Relacionamentos fortes com clientes do setor de energia

O Knot Offshore Partners LP atende às principais empresas de energia principalmente no Brasil e na Noruega.

• Clientes primários: Petrobras, Equinor
• Cobertura geográfica: Brasil, Noruega, Mar do Norte
• Taxa de renovação do contrato: 92%

Knot Offshore Partners LP (KNOP) - Modelo de negócios: proposições de valor

Soluções de transporte marítimo confiáveis ​​para setor de energia offshore

O Knot Offshore Partners LP opera uma frota de 18 navios -tanques e 4 unidades FSO a partir de 2023, fornecendo serviços críticos de transporte marítimo nos mercados de energia offshore.

Especificação da frota	Unidades totais	Regiões operacionais
Tanques de ônibus espaciais	18	Mar do Norte, Brasil
Unidades de armazenamento/descarregamento flutuantes	4	Brasil

Frota de embarcação especializada de alta qualidade para operações offshore complexas

A frota de navios especializada da empresa inclui:

• Posicionamento dinâmico (DP2) Tanques de traslado
• Navios da classe gelo para ambientes marítimos severos
• Navios com tecnologias avançadas de conformidade ambiental

Transporte de produtos petrolíferos e petrolíferos eficientes e seguros

O Knot Offshore Partners LP transportou aproximadamente 55,4 milhões de barris de petróleo bruto em 2022, mantendo uma taxa de confiabilidade operacional de 99,7%.

Métrica de transporte	2022 Performance
Barris totais transportados	55,4 milhões
Confiabilidade operacional	99.7%

Serviços de logística marítima flexíveis para empresas internacionais de petróleo e gás

A Knot Offshore Partners LP atende grandes empresas internacionais de energia com contratos de longo prazo, gerando US $ 270,4 milhões em receita para 2022.

Métrica financeira	2022 Valor
Receita total	US $ 270,4 milhões
Duração média do contrato	5-10 anos

Knot Offshore Partners LP (KNOP) - Modelo de negócios: relacionamentos com o cliente

Parcerias contratuais de longo prazo com empresas de energia

O Knot Offshore Partners LP mantém contratos estratégicos de longo prazo com as principais empresas de energia, com durações específicas de fretamento tipicamente variando de 3 a 10 anos.

Tipo de cliente	Duração do contrato	Receita média anual por contrato
Principais empresas de petróleo	5-7 anos	US $ 18,5 milhões
Produtores de energia independentes	3-5 anos	US $ 12,3 milhões

Gerenciamento de conta dedicado para clientes -chave

A Knop fornece serviços especializados de gerenciamento de contas com equipes dedicadas para clientes de primeira linha.

• Gerenciamento personalizado de relacionamento com o cliente
• Reuniões trimestrais de revisão de desempenho
• Infraestrutura de suporte técnico 24/7

Entrega de serviço baseada em desempenho

A empresa implementa rigorosas métricas de desempenho e acordos de nível de serviço (SLAs).

Métrica de desempenho	Benchmark alvo	Desempenho real (2023)
Tempo de manutenção do navio	98%	99.2%
Entrega no prazo	97%	98.5%

Segurança consistente e confiabilidade operacional

Knop enfatiza a segurança e a confiabilidade como componentes críticos do gerenciamento de relacionamento com clientes.

• Processos operacionais certificados ISO 9001: 2015
• Zero grandes incidentes de segurança em 2023
• Protocolos avançados de gerenciamento de riscos

Knot Offshore Partners LP (KNOP) - Modelo de negócios: canais

Equipes diretas de vendas e desenvolvimento de negócios

O Knot Offshore Partners LP mantém uma equipe de vendas dedicada focada na fretamento de embarcações offshore. A partir de 2023, a empresa opera com 12 representantes de vendas diretas que visam clientes marítimos internacionais.

Canal de vendas	Número de representantes	Cobertura geográfica
Vendas marítimas diretas	12	Global (América do Norte, Europa, Ásia)
Desenvolvimento de negócios	5	Regiões estratégicas

Conferências e exposições da indústria marítima

A Knot Offshore Partners participa ativamente de eventos da indústria marítima para expandir as redes de negócios e gerar possíveis oportunidades de fretamento.

• Participou de 7 conferências marítimas internacionais em 2023
• Participou de exposições de energia offshore em Houston, Cingapura e Roterdã
• Orçamento total da participação da conferência: US $ 425.000 anualmente

Plataformas de comunicação corporativa online

A empresa utiliza canais digitais para envolvimento do cliente e comunicação corporativa.

Plataforma digital	Engajamento mensal	Propósito primário
Site corporativo	45.000 visitantes únicos	Disseminação da informação
LinkedIn	12.500 seguidores	Networking profissional
Portal de Relações com Investidores	3.200 usuários mensais	Transparência financeira

Rede da indústria e gerenciamento de relacionamento

A Knot Offshore Partners enfatiza o gerenciamento estratégico de relacionamentos em setores marítimos.

• Manter relacionamentos com 85 principais clientes de energia offshore
• Investimento anual de gestão de relacionamento: US $ 650.000
• Taxa de retenção de clientes: 92,5%

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

Empresas internacionais de exploração de petróleo e gás

A Knot Offshore Partners LP serve as principais empresas de exploração internacional com serviços especializados de embarcações offshore.

Categoria de cliente	Número de clientes ativos	Valor médio do contrato
Empresas de exploração global	12	US $ 45,2 milhões por contrato de embarcação
Especialistas em exploração de águas profundas	7	US $ 38,6 milhões por contrato de embarcação

Operadores de produção de energia offshore

A Knot Offshore Partners fornece serviços críticos de transporte e suporte para operações de produção de energia offshore.

• Navios de suporte de produção offshore: 15 navios ativos
• Receita anual total de operadores de produção: US $ 287,4 milhões
• Duração média do contrato: 3-5 anos

Principais organizações de comércio de petróleo

Tipo de organização comercial	Número de clientes	Valor anual do contrato
Casas de Comércio Internacional	8	US $ 62,7 milhões
Organizações comerciais regionais	5	US $ 41,3 milhões

Corporações multinacionais de energia

A Knot Offshore Partners serve várias empresas multinacionais de energia com logística marítima especializada.

• Total de clientes corporativos multinacionais: 22
• Valor do contrato anual agregado: US $ 412,6 milhões
• Tipos de embarcações que atendem corporações:
  • Tanques de ônibus espaciais
  • Navios de suporte offshore
  • Vasos de posicionamento dinâmico

Knot Offshore Partners LP (KNOP) - Modelo de negócios: estrutura de custos

Despesas de aquisição e manutenção de embarcações

Até o relatório anual de 2023, as despesas de aquisição e manutenção de NOT Offshore Partners LP foram estruturadas da seguinte forma:

Categoria de despesa	Quantidade (USD)
Custos totais de manutenção de embarcações	US $ 32,4 milhões
Despesas a seco	US $ 7,6 milhões
Principais reparos de embarcações	US $ 12,9 milhões
Manutenção de rotina	US $ 11,9 milhões

Salários da tripulação e custos de treinamento

As despesas relacionadas à tripulação para o LP do NOT Offshore Partners incluem:

• Salários anuais totais da tripulação: US $ 24,7 milhões
• Despesas de treinamento da tripulação: US $ 1,3 milhão
• Custos e custos de licenciamento: US $ 0,6 milhão

Combustível e consumíveis operacionais

Categoria de combustível e consumíveis	Quantidade (USD)
Despesas totais de combustível	US $ 18,5 milhões
Lubrificantes e óleos	US $ 2,3 milhões
Consumíveis operacionais	US $ 3,7 milhões

Seguros e despesas relacionadas à conformidade

Redução dos custos de seguro e conformidade:

• Seguro de casco e máquinas: US $ 4,2 milhões
• Seguro de proteção e indenização: US $ 3,8 milhões
• Despesas de conformidade regulatória: US $ 2,6 milhões
• Segurança e conformidade ambiental: US $ 1,9 milhão

Estrutura de custo anual total: aproximadamente US $ 91,5 milhões

Knot Offshore Partners LP (KNOP) - Modelo de negócios: fluxos de receita

Receita de contrato de fretamento de longo prazo

O Knot Offshore Partners LP gera receita por meio de contratos de fretamento de longo prazo com clientes-chave no setor de energia offshore. A partir de 2024, o portfólio de contratos charter da empresa inclui:

Tipo de embarcação	Número de embarcações	Duração média do contrato	Receita anual
Tanques de ônibus espaciais	14	5-7 anos	US $ 287,4 milhões
Unidades de armazenamento e descarga flutuantes (FSO)	3	10-15 anos	US $ 124,6 milhões

Taxas de aluguel de charter de tempo

As taxas de aluguel de charter de tempo para os navios do NOT Offshore Partners LP são estruturados da seguinte forma:

• Tanques de transporte: US $ 25.000 - US $ 35.000 por dia
• Unidades FSO: US $ 40.000 - US $ 55.000 por dia
• Taxa média diária em toda a frota: US $ 31.500

Taxas de serviço de transporte de embarcações

Remoção de taxas de serviço de transporte de embarcações para 2024:

Categoria de serviço	Receita anual total	Porcentagem da receita total
Transporte de petróleo bruto	US $ 412,7 milhões	68%
Serviços de armazenamento	US $ 136,5 milhões	22%
Serviços marítimos adicionais	US $ 57,2 milhões	10%

Receitas de contrato de armazenamento e descarga flutuantes (FSO)

Detalhes da receita do contrato FSO para 2024:

• Receita total do contrato FSO: US $ 124,6 milhões
• Comprimento médio do contrato: 12,5 anos
• Regiões -chave: Brasil, Mar do Norte
• Taxa de utilização: 98,5%

Receita anual total para o NOT Offshore Partners LP (2024): US $ 611,4 milhões

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.