KNOT Offshore Partners LP Earnings Recaps
Q1 2026
Jun 2, 2026
Shares declined 2.0% following the earnings release, reflecting investor caution despite stable operational metrics and incremental distribution increases, with no clear catalyst to drive enthusiasm.
Key takeaways
- Q1 revenues were $92 million with operating income of $14.7 million and net income of $2.6 million.
- Adjusted EBITDA stood at $56.5 million, supported by a high fleet utilization rate of 97.2% (92% including dry dockings).
- Available liquidity increased modestly to $140.7 million, bolstering financial flexibility.
- The partnership declared a slight distribution increase to $0.05 per common unit, following a period of steady low payouts.
- The company reiterated confidence in backlog of $858 million with an average contract length of 2.4 years and outlined upcoming refinancing facilities.
Q3 2025
Dec 6, 2025
KNOT Offshore Partners reported strong Q3 2025 results with revenue of $96.9 million and net income of $15.1 million, while also receiving a nonbinding acquisition offer from its sponsor at $10 per common unit.
Key takeaways
- Revenues increased to $96.9 million with an adjusted EBITDA of $61.6 million.
- Maintained an impressive utilization rate of 99.9%, with liquidity rising to $125.2 million.
- Signed a significant extension with Equinor, securing contracts through March 2029 for the Bodil Knutsen.
- Implemented a buyback program, purchasing nearly 385,000 common units totaling over $3 million.
- Extended backlog to $963 million across fixed contracts, reflecting strong market demand driven by FPSO projects.