KNOT Offshore buys shuttle tanker

KNOT Offshore Partners LP has bought all the ownership interests in the company that owns and operates the shuttle tanker Dan Sabia.

The purchase price was $103.0 million, net of $64.5 million of outstanding indebtedness related to the vessel, subject to post-closing adjustments. The cash portion of the purchase price was financed with proceeds from the Partnership’s public offering of 5,000,000 common units which closed on June 2, 2015.

The Dan Sabia is operating in Brazilian waters under bareboat charter with Petrobras Transporte S.A. The Dan Sabia Charter started upon delivery of the vessel in the first quarter of 2012 and will terminate in the first quarter of 2024.

The Partnership owns, operates and acquires shuttle tankers under long-term charters in the offshore oil production regions of the North Sea and Brazil.

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