KNOT Offshore Partners LP Announces Completion of the Acquisition of Anna Knutsen
March 01 2018 - 7:57AM
Business Wire
KNOT Offshore Partners LP (the “Partnership”) (NYSE:KNOP)
announced today that its wholly owned subsidiary, KNOT Shuttle
Tankers AS, has acquired (the “Acquisition”) all of the ownership
interests in KNOT Shuttle Tankers 30 AS (“KNOT 30”), the company
that owns and operates the shuttle tanker Anna Knutsen, from
Knutsen NYK Offshore Tankers AS (“Knutsen NYK”) for an aggregate
purchase price of $120.0 million, less $106.8
million of outstanding indebtedness under the secured credit
facility related to the vessel (the “Anna Facility”), plus
approximately $1.4 million for certain capitalized fees related to
the financing of the Anna Knutsen. On the closing of the
acquisition, KNOT 30 repaid approximately $32.4 million of the
indebtedness, leaving an aggregate of approximately $74.4 million
of debt outstanding under the secured credit facility related to
the vessel. The purchase price was settled in cash and will be
subject to certain post-closing adjustments for working capital and
interest rate swaps.
The Anna Knutsen is DP2 Suexmax class shuttle tanker, delivered
in March 2017 and is operating in Brazil under a time charter with
Galp Sinopec Brazil Services B.V., which will expire in the second
quarter of 2022. The charterer has options to extend the charter
for two three-year periods.
The Board of Directors of the Partnership (the “Board”) and the
Conflicts Committee of the Board approved the purchase price and
terms of the Acquisition. The Conflicts Committee retained an
outside financial advisor to assist with its evaluation of the
Acquisition.
Including the Anna Knutsen, the Partnership now has a fleet
of sixteen vessels with an average age of 4.6 years and a fixed
average employment of 4.0 years.
About KNOT Offshore Partners LP
The Partnership owns, operates and acquires shuttle tankers
under long-term charters in the deep-water offshore oil production
regions of the North Sea and Brazil. The Partnership is
structured as a master limited partnership. The Partnership’s
common units trade on the New York Stock Exchange under
the symbol “KNOP.”
View source
version on businesswire.com: http://www.businesswire.com/news/home/20180301005782/en/
KNOT Offshore Partners LPJohn Costain, 44 749 6170
620Chief Executive Officer and Chief Financial Officer
KNOT Offshore Partners (NYSE:KNOP)
Historical Stock Chart
From Mar 2024 to Apr 2024
KNOT Offshore Partners (NYSE:KNOP)
Historical Stock Chart
From Apr 2023 to Apr 2024