Logo

KNOP

KNOT Offshore Partners LP

KNOP

KNOT Offshore Partners LP • NYSE
$9.92 ▲ 0.61% (+0.06)
Market Cap $337.73 M
52w High $10.23
52w Low $5.28
Dividend Yield 0.10%
P/E 12.72
Volume 23.45K
Outstanding Shares 34.05M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2025 $87.06M ▲ $1.555M ▼ $6.81M ▼ 7.822% ▼ $0.2 ▼ $51.822M ▲
Q1-2025 $84.029M ▼ $29.217M ▲ $7.581M ▼ 9.022% ▼ $0.22 ▼ $49.995M ▼
Q4-2024 $91.255M ▲ $1.529M ▲ $23.251M ▲ 25.479% ▲ $0.68 ▲ $64.902M ▲
Q3-2024 $76.292M ▲ $772K ▼ $-3.773M ▲ -4.945% ▲ $-0.11 ▲ $41.02M ▲
Q2-2024 $74.42M $17.81M $-12.851M -17.268% $-0.42 $31.796M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2025 $66.322M ▼ $1.624B ▼ $1.004B ▼ $610.8M ▼
Q1-2025 $67.26M ▲ $1.651B ▲ $1.035B ▲ $616.114M ▲
Q4-2024 $66.933M ▼ $1.572B ▼ $961.03M ▼ $611.135M ▲
Q3-2024 $67.225M ▲ $1.595B ▲ $1.004B ▲ $590.486M ▼
Q2-2024 $56.619M $1.518B $920.754M $596.861M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $6.81M ▼ $34.005M ▼ $24.89K ▼ $-35.078M ▲ $-938K ▼ $33.999M ▼
Q1-2025 $7.581M ▼ $36.021M ▼ $827K ▲ $-36.68M ▲ $327K ▲ $35.808M ▼
Q4-2024 $23.251M ▲ $41.224M ▲ $-783K ▼ $-40.225M ▼ $-292K ▼ $41.195M ▲
Q3-2024 $-3.772M ▲ $35.349M ▲ $520K ▲ $-25.385M ▲ $10.606M ▲ $34.508M ▲
Q2-2024 $-12.851M $33.63M $-5K $-27.408M $6.376M $33.771M

Revenue by Products

Product Q2-2020Q4-2020Q2-2021Q2-2022
Bareboat revenues
Bareboat revenues
 $10.00M ▲$30.00M ▲$10.00M ▼$10.00M ▲
Time charter revenues service element included
Time charter revenues service element included
 $0 ▲$0 ▲$0 ▲$50.00M ▲
Time Charter Revenues
Time Charter Revenues
 $60.00M ▲$170.00M ▲$60.00M ▼$0 ▼

Five-Year Company Overview

Income Statement

Income Statement Revenue has inched up over the past few years, suggesting a relatively stable underlying business rather than a fast‑growing one. Profitability has been bumpy: operating profits held up fairly well, but bottom‑line earnings swung from healthy profits to a loss and then back to only a small profit. This pattern points to a business that generally covers its operating costs but is sensitive to items below the operating line, such as interest expense, vessel downtime, or contract timing. The recent improvement in profit versus the prior year is encouraging, but the history shows that earnings can be quite volatile even when revenue does not move much.

Balance Sheet

Balance Sheet The balance sheet shows a capital‑intensive, highly geared business, which is typical for shuttle tankers. Total assets have stayed fairly stable, hinting that the fleet size and structure have not changed dramatically in recent years. Debt remains high relative to the company’s size, although it has edged down over time rather than rising. Equity has been broadly flat to slightly lower, which means leverage is still a key structural feature. Overall, the company depends heavily on access to debt markets and bank financing, and refinancing risk is an important consideration.

Cash Flow

Cash Flow Cash generation from operations has been reasonably steady, supporting the idea that long‑term charter contracts provide recurring cash inflows even when accounting earnings jump around. Free cash flow has closely tracked operating cash flow, because capital spending has been very light in the recent period. Low investment outlays help near‑term cash, but they may also indicate limited fleet renewal or growth, which could matter over a longer horizon in such a asset‑heavy industry. The combination of steady cash inflows and high debt means the allocation of that cash between debt service, maintenance, and any future fleet investments is critical.

Competitive Edge

Competitive Edge KNOT Offshore Partners operates in a niche segment of marine shipping—shuttle tankers—that has very high barriers to entry. Vessels are specialized, expensive, and must meet strict technical and safety standards, especially in harsh environments like the North Sea and offshore Brazil. The partnership benefits from scale and backing from its sponsor, giving it access to a large, modern fleet and strong relationships with major oil companies. Long‑term, fixed‑rate contracts with blue‑chip customers provide visibility on demand and reduce direct exposure to oil price swings. However, the business is still tied to offshore oil activity levels and to the ability to renew or replace contracts as they roll off.

Innovation and R&D

Innovation and R&D Technologically, the company is positioned at the higher end of its segment. Its DP2 shuttle tankers are tailored for complex offshore operations, enabling precise maneuvering and loading in difficult seas. This operational capability is a key differentiator versus more generic tankers. Through its sponsor, the group is pushing into cleaner and more efficient technologies: hybrid battery systems, dual‑fuel engines capable of using liquefied natural gas, and proprietary systems to capture and reuse vapor emissions from oil cargoes. These innovations aim to cut emissions, improve fuel efficiency, and enhance reliability, which can strengthen customer relationships and help align with tightening environmental regulations. The sponsor’s work on carbon transport and digitalization suggests an eye on the energy transition and further efficiency gains, even if those initiatives are not yet a core part of KNOP’s own assets.

Summary

Overall, KNOT Offshore Partners looks like a specialized, contract‑driven shipping business with relatively stable revenue and cash flow, but earnings that can swing meaningfully from year to year. The financial structure relies heavily on debt, which is normal for this type of asset, but keeps refinancing and interest costs at the center of the story. Its competitive strengths lie in a large, specialized fleet, strong technical capabilities, and long‑term relationships with major oil companies. Ongoing innovation in propulsion, emissions reduction, and digital operations can help maintain that edge as environmental and efficiency expectations rise. Key uncertainties include dependence on offshore oil activity, the need to continually secure new or renewed contracts for its vessels, and the balance between servicing debt and reinvesting in an aging fleet over time.

NEWS

November 18, 2025 · 9:15 AM UTC

KNOT Offshore Partners LP Announces 3rd Quarter 2025 Earnings Results Conference Call

Read more

November 3, 2025 · 6:15 AM UTC

KNOT Offshore Partners LP Receives Buyout Offer from Knutsen NYK Offshore Tankers AS

Read more

October 27, 2025 · 9:15 AM UTC

KNOT Offshore Partners LP Announces 2025 Annual Meeting and Nomination of Pernille Østensjø to Serve as an Independent Director

Read more

October 7, 2025 · 4:30 PM UTC

KNOT Offshore Partners LP Announces 3rd Quarter 2025 Cash Distribution

Read more

September 25, 2025 · 4:15 PM UTC

KNOT Offshore Partners LP Earnings Release—Interim Results for the Period Ended June 30, 2025

Read more