KNOT Offshore Partners Reports Q2 Earnings and Announces Fleet Expansion
KNOT Offshore Partners (NYSE:KNOP) reported second-quarter revenue of $96.8 million, operating income of $15.6 million, net income of $3.4 million, and adjusted EBITDA of $57.6 million for Q2 2026. The company attributed strong performance to high vessel utilization rates—reaching 96.8% when accounting for scheduled drydocking—and increased charter activity. The partnership declared a cash distribution increase from $0.05 per unit in the previous quarter to $0.075, reflecting improved financial stability and long-term cash flow visibility. On September 1, KNOT Offshore Partners acquired the Hedda Knutsen for $113 million, which will expand its fleet capacity and extend contract commitments with Petrobras through November 2034. KNOT also secured new charter agreements across several vessels, including contracts with Eni and Transpetro. Additionally, it refinanced a portion of its debt portfolio at lower interest rates, reducing borrowing costs significantly.
Tickers: $KNOP
Topics: distribution_increase financial_results vessel_acquisition